G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1297
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
URLhttps://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.
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