| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8069 |
| DP8069 Optimal monetary policy in open economies | |
| Giancarlo Corsetti; Luca Dedola; Sylvain Leduc | |
| 发表日期 | 2010-10-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete exchange-rate pass-through (`producer currency pricing') and frictionless asset markets ensuring efficient risk sharing, results in a form of open-economy `divine coincidence': in line with the prescriptions in the baseline New-Keynesian setting, the optimal monetary policy under cooperation is characterized by exclusively inward-looking targeting rules in domestic output gaps and GDP-deflator inflation. The chapter then examines deviations from this benchmark, when cross-country strategic policy interactions, incomplete exchange-rate pass-through ('local currency pricing') and asset market imperfections are accounted for. Namely, failure to internalize international monetary spillovers results in attempts to manipulate international relative prices to raise national welfare, causing inefficient real exchange rate fluctuations. Local currency pricing and incomplete asset markets (preventing efficient risk sharing) shift the focus of monetary stabilization to redressing domestic as well as external distortions: the targeting rules characterizing the optimal policy are not only in domestic output gaps and inflation, but also in misalignments in the terms of trade and real exchange rates, and cross-country demand imbalances. |
| 主题 | International Macroeconomics |
| 关键词 | Asset markets and risk sharing Currency misalignments Demand imbalances International policy cooperation Optimal targeting rules Pass-through |
| URL | https://cepr.org/publications/dp8069 |
| 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/536885 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Luca Dedola,Sylvain Leduc. DP8069 Optimal monetary policy in open economies. 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。
