Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP425 |
DP425 When Does Coordination Pay? | |
Mark Salmon; Marcus Miller | |
发表日期 | 1990-07-01 |
出版年 | 1990 |
语种 | 英语 |
摘要 | In a continuous time model of two symmetric open economies, with a floating exchange rate, we find that the pay-off to the policy coordination depends systematically on the heterogeneity of their inflation experience. While monetary policy coordination improves welfare when there is a common rate of underlying inflation, it exacerbates the `time-consistency' problem arising when there are differences. Since the principle of `certainty equivalence' applies to time-consistent policy in linear quadratic models, we are also able to give a stochastic interpretation of the deterministic results. |
主题 | International Macroeconomics |
关键词 | Certainty equivalence Floating exchange rates Policy coordination Time consistency |
URL | https://cepr.org/publications/dp425 |
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/529583 |
推荐引用方式 GB/T 7714 | Mark Salmon,Marcus Miller. DP425 When Does Coordination Pay?. 1990. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Mark Salmon]的文章 |
[Marcus Miller]的文章 |
百度学术 |
百度学术中相似的文章 |
[Mark Salmon]的文章 |
[Marcus Miller]的文章 |
必应学术 |
必应学术中相似的文章 |
[Mark Salmon]的文章 |
[Marcus Miller]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。