| 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. |
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