| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP358 |
| DP358 Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective | |
| Frederick van der Ploeg | |
| 发表日期 | 1989-11-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper analyses and compares the effects of common demand and supply shocks on the setting of optimal monetary policies under a clean float, a managed exchange rate system (such as the EMS) and a monetary union, when welfare depends on unemployment and the cost of living. The results suggest that monetary union yields the smallest welfare loss and a float the greatest, and that the EMS gives France and Italy the opportunity to appreciate their currencies and reduce their welfare loss at the expense of Germany. The robustness of the results with respect to rational expectations and wage-price dynamics is verified with the aid of differential game theory and numerical simulation. |
| 主题 | International Macroeconomics |
| 关键词 | Ems Emu Macroeconomic interdependence monetary policy Policy coordination |
| URL | https://cepr.org/publications/dp358 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529513 |
| 推荐引用方式 GB/T 7714 | Frederick van der Ploeg. DP358 Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective. 1989. |
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