| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8068 |
| DP8068 Labor Immobility and the Transmission Mechanism of Monetary Policy in a Monetary Union | |
| Isabel Correia; Bernardino Adão | |
| 发表日期 | 2010-10-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | It is believed that a shock, common to a set of countries with identical fundamentals, has identical outcomes across countries. We show that in general, when specialization in production is such that a common shock creates a missing role for labor mobility across countries, the terms of trade of any country reacts to the shock. This is the case even if state contingent assets can be traded across countries. The transmission mechanism of a monetary shock in a monetary union has in this case an additional channel, the terms of trade. We also show that the country outcomes are significantly different, when compared with the effect of the shock on the union's aggregate. Monetary shocks impose cycles with higher volatility in |
| 主题 | International Macroeconomics |
| 关键词 | Idiosyncratic effects Labor immobility Monetary union Transmission mechanisms |
| URL | https://cepr.org/publications/dp8068 |
| 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/536884 |
| 推荐引用方式 GB/T 7714 | Isabel Correia,Bernardino Adão. DP8068 Labor Immobility and the Transmission Mechanism of Monetary Policy in a Monetary Union. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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