Publication details
Konceptuální model malé uzavřené ekonomiky
| Title in English | A Conceptual Model of a Small Open Economy |
|---|---|
| Authors | |
| Year of publication | 2006 |
| Type | Article in Proceedings |
| Conference | MEKON 2006, Sborník příspěvků VIII. ročníku mezinárodní konference EKF VŠB-TU Ostrava |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | small closed economy; small open economy; agents behavior; consequence of an open economy; inflation targeting |
| Description | This paper describes some consequences for behaviour of agents in an economy when a small closed economy model is widened to the conditions of a small open economy (without any detailed mathematical formalization). It is necessary to take into account an international financial market for behaviour of representative households. An international trade with goods is very important for an optimizing of intermediate goods producing or finished goods producing firms. Behaviour of an inflation targeted central monetary authority is not influenced by an open economy directly, however the bank must respect it. |
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