| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6132 |
| DP6132 Tying-in Two-Sided Markets and the Honour All Cards Rule | |
| Jean Tirole; Jean Charles Rochet | |
| 发表日期 | 2007-02-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The process of financial globalization has significantly altered the environment in which national monetary policy authorities operate. What implications does this have for the design of monetary policy? The question can be properly addressed only in the context of a model where monetary policy interacts with financial market efficiency. This paper is concerned with the effects of monetary policy when international portfolio choice is endogenous. We analyze the link between monetary policy and gross national bond and equity portfolios. With endogenous portfolio structure and incomplete markets, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Despite this, we find that the case for price stability as an optimal monetary rule still remains. In fact, it is reinforced. Even without nominal price rigidities, price stability has a welfare benefit through its enhancement of the risk sharing properties of nominal bond returns. |
| 主题 | International Macroeconomics |
| 关键词 | international risk sharing Portfolio choice |
| URL | https://cepr.org/publications/dp6132 |
| 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/534974 |
| 推荐引用方式 GB/T 7714 | Jean Tirole,Jean Charles Rochet. DP6132 Tying-in Two-Sided Markets and the Honour All Cards Rule. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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