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RIEB, Kobe University Site Map Access 日本語 Home Research & Education Publications RIEB Discussion Paper Series (English) RIEB Discussion Paper Series No.2013-36 RIEB Discussion Paper Series No.2013-36 Title External Debt and Taylor Rules in a Small Open Economy Abstract We develop a dynamic stochastic general equilibrium model of a small open economy in which both price rigidity and nancial friction exist. We compare two cases featuring different interest rate rules. Both cases use the standard Taylor-type interest rate rules, but the second case also considers external debt levels. We nd that when friction in foreign borrowing 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. Keywords External debt, Taylor rules, Small open economy, DSGE, Welfare, Emerging market economies JEL Classification E5, F4 Inquiries Shigeto KITANO Research Institute for Economics and Business Administration Kobe University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 Kenya TAKAKU Graduate School of Economics, Nagoya University About RIEB Faculty Seminars at RIEB Research & Education Sections Kobe University Site Policy Site Map Access Contact Us Copyright©1996-2018 Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved.