| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3550 |
| DP3550 Tracking Greenspan: Systematic and Unsystematic Monetary Policy Revisited | |
| Lucrezia Reichlin; Luca Sala; Domenico Giannone | |
| 发表日期 | 2002-09-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In a Common Currency Area (CCA) the Common Central Bank sets a uniform rate of inflation across countries, taking into account the area?s economic conditions. Supposing that countries in recession favor a more expansionary policy than countries in expansion, a conflict of interest between members arises when national business cycles are not fully synchronized. If governments of member countries have an informational advantage over the state of their domestic economy, such conflict may create an adverse selection problem: national authorities overemphasize their shocks, in order to shape the common policy towards their needs. This creates an inefficiency over and above the one-policy-fits-all cost discussed in the optimal currency area literature. In order to minimize this extra-burden of asymmetric information, monetary policy must over-react to large symmetric shocks and under-react to small asymmetric ones. The result is sub-optimal volatility of inflation. |
| 主题 | International Macroeconomics |
| 关键词 | Common currency areas Asymmetric information monetary policy |
| URL | https://cepr.org/publications/dp3550 |
| 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/532559 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Luca Sala,Domenico Giannone. DP3550 Tracking Greenspan: Systematic and Unsystematic Monetary Policy Revisited. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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