reversals can be welfare-improving and that there exists an optimal degree of spending reversal if the debt elasticity of the …

This paper computes welfare levels under different degree of capital controls and compares them with the welfare level … mobility is not always optimal and that capital controls may enhance an economy's welfare level. There exists an optimal degree … of capital-account restriction that achieves a higher level of welfare than that under perfect capital mobility, if the …

This paper computes welfare levels under different degree of capital controls and compares them with the welfare level … mobility is not always optimal and that capital controls may enhance an economy’s welfare level. There exists an optimal degree … of capital-account restriction that achieves a higher level of welfare than that under perfect capital mobility, if the …

is large, adding an external debt level to Taylor rules improves welfare. The welfare curve, however, exhibits a hump … shape since excessive reactions to changes in external debt reduce welfare. …