G2TT
来源类型Discussion paper
规范类型论文
来源IDDP425
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
URLhttps://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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