| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3424 |
| DP3424 Can Productivity Growth Explain NAIRU? Long-run Evidence from Britain, 1871-1999 | |
| Timothy Hatton | |
| 发表日期 | 2002-06-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We study the optimal monetary policy in a two-country open-economy model under two monetary arrangements: (a) multiple currencies controlled by independent policy-makers; (b) common currencies controlled by a centralized policy-maker. Our findings suggest that: (i) Monetary policy competition leads to higher long-term inflation and interest rates with large welfare losses; (ii) The inflation bias and the consequent losses are larger when countries are unable to commit to future policies; (iii) in both cases, the welfare losses from higher in ation dominates the welfare costs of losing the ability to react optimally to business cycle shocks. Therefore, the coordination of policies implicit in the adoption of a common currency or dollarization has positive welfare consequences. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal monetary policy International coordination Common currency |
| URL | https://cepr.org/publications/dp3424 |
| 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/532443 |
| 推荐引用方式 GB/T 7714 | Timothy Hatton. DP3424 Can Productivity Growth Explain NAIRU? Long-run Evidence from Britain, 1871-1999. 2002. |
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