| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9616 |
| DP9616 International Competitiveness and Monetary Policy: Strategic Policy and Coordination with a Production Relocation Externality | |
| Giancarlo Corsetti; Paul R Bergin | |
| 发表日期 | 2013-08-25 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Can a country gain international competitiveness by the design of optimal monetary stabilization rules? This paper reconsiders this question by specifying an open-economy monetary model encompassing a ?production relocation externality,? developed in trade theory to analyze the benefits from promoting entry of domestic firms in the manufacturing sector. In a macroeconomic context, this externality provides an incentive for monetary authorities to trade-off output gap with pro-competitive profit stabilization. While helping manufacturing firms to set competitively low prices, optimal pro-competitive stabilization nonetheless results in stronger terms of trade, due to the change in the country?s specialization and composition of exports. The welfare gains from international policy coordination are large relative to the case of self-oriented, strategic conduct of stabilization policy. Empirical evidence confirms that the effects of monetary policy design on the composition of trade predicted by the theory are present in data and are quantitatively important. |
| 主题 | International Macroeconomics |
| 关键词 | International coordination monetary policy Production location externality Firm entry Optimal tariff |
| URL | https://cepr.org/publications/dp9616 |
| 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/538451 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Paul R Bergin. DP9616 International Competitiveness and Monetary Policy: Strategic Policy and Coordination with a Production Relocation Externality. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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