| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3207 |
| DP3207 Technology Dissemination and Economic Growth: Some Lessons for the New Economy | |
| Danny Quah | |
| 发表日期 | 2002-02-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this Paper we show that a currency area can be a self-validating optimal policy regime, even when monetary unification does not foster real economic integration and intra-industry trade. This is because profit-maximizing producers in a currency area adopt endogenous pricing strategies that make exchange rate fluctuations highly costly in welfare terms. In our model exporters choose the degree of exchange rate pass-through onto export prices given monetary policy rules, and monetary authorities choose optimal policy rules taking firms' pass-through as given. We show that there exist two equilibria, which define two self-validating currency regimes. In the first, firms preset prices in domestic currency only, and let foreign-currency prices to be determined by the law of one price. Optimal policy rules then target the domestic output gap and floating exchange rates support the flex-price allocation. In the second equilibrium firms optimally preset prices in local currency, and a monetary union is the optimal policy choice for all countries. Although business cycles are more synchronized with a common currency, flexible exchange rates are superior in terms of welfare. |
| 主题 | International Macroeconomics |
| 关键词 | Optimum currency areas Monetary union Optimal cyclical monetary policy Nominal rigidities Exchange rate pass-through |
| URL | https://cepr.org/publications/dp3207 |
| 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/532233 |
| 推荐引用方式 GB/T 7714 | Danny Quah. DP3207 Technology Dissemination and Economic Growth: Some Lessons for the New Economy. 2002. |
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