| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3419 |
| DP3419 Foreign Direct Investment and the Single Market | |
| Peter Neary | |
| 发表日期 | 2002-06-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper considers the implications of incomplete exchange rate pass-through for optimal monetary and exchange rate policy. A two-country model is presented which allows an explicit derivation of welfare functions in terms of a weighted sum of the second moments of producer prices and the nominal exchange rate. From a single country perspective the optimal exchange rate variance depends on the degree of pass-through, the size and openness of the economy, the elasticity of labour supply and the volatility of foreign producer prices. The optimal coordinated equilibrium can be supported by requiring national central banks to minimize loss functions, which are a weighted sum of the variances of producer prices and the exchange rate, where the weight on the exchange rate variance depends on the degree of pass-through. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Pass-through Exchange rate variability |
| URL | https://cepr.org/publications/dp3419 |
| 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/532438 |
| 推荐引用方式 GB/T 7714 | Peter Neary. DP3419 Foreign Direct Investment and the Single Market. 2002. |
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