G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8068
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
URLhttps://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.
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