| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4374 |
| DP4374 How Private Creditors Fared in Emerging Debt Markets, 1970-2000 | |
| Christoph Klingen; Beatrice Weder di Mauro; Jeromin Zettelmeyer | |
| 发表日期 | 2004-05-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We analyse welfare-maximizing monetary policy in a dynamic general equilibrium two-country model with price stickiness and imperfect competition. In this context, a typical terms of trade externality affects policy interaction between independent monetary authorities. Unlike the existing literature, we remain consistent to a public finance approach by an explicit consideration of all the distortions that are relevant to the Ramsey planner. This strategy entails two main advantages. First, it allows an accurate characterization of optimal policy in an economy that evolves around a steady state that is not necessarily efficient. Second, it allows us to describe a full range of alternative dynamic equilibria when price-setters in both countries are completely forward-looking and households? preferences are not restricted. We study optimal policy both in the long run and in response to shocks, and we compare commitment under Nash competition and under cooperation. By deriving a second order accurate solution to the policy functions, we also characterize the welfare gains from international policy cooperation. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal monetary policy Ramsey planner Nash equilibrium Cooperation Sticky prices Imperfect competition |
| URL | https://cepr.org/publications/dp4374 |
| 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/533328 |
| 推荐引用方式 GB/T 7714 | Christoph Klingen,Beatrice Weder di Mauro,Jeromin Zettelmeyer. DP4374 How Private Creditors Fared in Emerging Debt Markets, 1970-2000. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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