| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP440 |
| DP440 Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton | |
| Charles Wyplosz; Daniel Cohen | |
| 发表日期 | 1990-08-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | We analyze a two-country zone facing a joint inflationary shock and responding with coordinated and uncoordinated monetary and fiscal policies. We show that the standard presumption that the absence of coordination results in an excessive exchange rate appreciation of the zone with respect to the rest of the world hinges on a specific assumption: that within the two countries considered, the price effect of exchange rate fluctuations dominates the trade effects relatively to the corresponding effects vis-a-vis the rest of the world. If the relative hierarchy goes the other way around (as we argue is likely for EC countries), the standard conclusion is reversed, resulting in insufficiently active monetary and fiscal policies. The paper considers asymmetric shocks as well as monetary policy coordination. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Fiscal policy monetary policy Policy coordination Trade model |
| URL | https://cepr.org/publications/dp440 |
| 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/529596 |
| 推荐引用方式 GB/T 7714 | Charles Wyplosz,Daniel Cohen. DP440 Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton. 1990. |
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