| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1297 |
| DP1297 Reciprocity and Inflation in Federal Monetary Unions | |
| Jurgen von Hagen | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | It is well known that in the Mundell-Fleming model capital mobility creates a channel through which permanent (transitory) shocks to aggregate demand such as fiscal and trade shocks are completely (partially) neutralized by the response of the real exchange rate. An important policy implication of the model which has gone largely unnoticed is how the transmission of these shocks under different degrees of capital mobility may alter the inflation-unemployment trade-off, i.e. the Phillips Curve. In the context of the stochastic Mundell-Fleming model we show that capital controls reduce the output/employment variations at the expense of larger variations in inflation rates. When policy-makers put more weight on stable employment rather than stable inflation, their objectives can thus be attained more easily under capital controls. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Demand shock Inflation-unemployment trade-off Money shock Stochastic mundell-fleming model Supply shock |
| URL | https://cepr.org/publications/dp1297 |
| 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/530429 |
| 推荐引用方式 GB/T 7714 | Jurgen von Hagen. DP1297 Reciprocity and Inflation in Federal Monetary Unions. 1995. |
| 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 |
| [Jurgen von Hagen]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Jurgen von Hagen]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Jurgen von Hagen]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。
