| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2376 |
| DP2376 Nursery Cities: Urban Diversity, Process Innovation, and the Life-Cycle of Products | |
| Gilles Gilles Duranton; Diego Puga | |
| 发表日期 | 2000-02-29 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | In this paper we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two country model. A general finding is that as the degree of asymmetries increases, the effectiveness of stabilization of output and unemployment is reduced. As a result, when asymmetries increase, the stabilization effort of the central bank declines for given preferences about stabilisation. We also find that the central bank can improve the efficiency of its monetary policies when asymmetries in the transmission exist, by using national information in the setting of optimal policies. The declared strategy of the ECB conflicts with this prescription. In practice the ECB is likely to follow this prescription, however. |
| 主题 | International Macroeconomics |
| 关键词 | Asymmetric shocks Asymmetric transmission Emu monetary policy |
| URL | https://cepr.org/publications/dp2376 |
| 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/531465 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Diego Puga. DP2376 Nursery Cities: Urban Diversity, Process Innovation, and the Life-Cycle of Products. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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