| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8026 |
| DP8026 Does Trade Integration Alter Monetary Policy Transmission? | |
| Gernot Müller; Tobias Cwik; Maik Wolters | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper explores the role of trade integration - or openness - for monetary policy transmission in a medium-scale new Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts domestic inflation: a monetary contraction which appreciates the exchange rate lowers the local currency price of imported goods; this, in turn, induces domestic producers to lower their prices too. We pin down key parameters of the model by matching impulse responses obtained from a vector autoregression on time series for the US relative to the euro area. Our estimation procedure yields plausible parameter values and suggests a strong role for strategic complementarities. Counterfactual simulations show that openness alters monetary transmission significantly. While the contractionary effect of a monetary policy shock on inflation and output tends to increase in openness, we find that monetary policy's control over inflation increases, as the output decline which is necessary to bring about a given reduction of inflation is smaller in more open economies. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate channel Monetary policy transmission Open economy Strategic complementarity Trade integration |
| URL | https://cepr.org/publications/dp8026 |
| 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/536863 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Tobias Cwik,Maik Wolters. DP8026 Does Trade Integration Alter Monetary Policy Transmission?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
