| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4239 |
| DP4239 A New Test of Capital Structure | |
| Colin Mayer; Oren Sussman | |
| 发表日期 | 2004-02-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the implications of financial market structure for the existence and size of welfare gains from international monetary policy coordination. Policy coordination is analysed in a two-country stochastic general equilibrium model simple enough to yield explicit analytical solutions. Welfare gains from coordination are found to be largest when: the elasticity of substitution between home and foreign goods differs from unity; international markets in state-contingent assets allow full consumption risk sharing; and asset trade takes place before monetary policy rules are determined. Welfare gains are found to be much smaller when there are no international financial markets. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary policy coordination Financial integration Risk sharing |
| URL | https://cepr.org/publications/dp4239 |
| 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/533205 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,Oren Sussman. DP4239 A New Test of Capital Structure. 2004. |
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