| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11198
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| DP11198 Optimal Monetary Policy, Exchange Rate Misalignments and Incomplete Financial Markets |
| Ozge Senay; Alan Sutherland
|
| 发表日期 | 2016-03-29
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | Recent literature shows that, when international financial trade is restricted to autarky or a single bond, there are internal and external welfare trade-offs that imply optimal monetary policy, in principle, deviates from inflation targeting in order to offset real exchange rate misalignments. This paper develops a more realistic model of incomplete markets, where there is international trade in multiple assets. The analysis shows that the presence of multiple assets creates a potentially powerful interaction between monetary policy and household portfolio allocation. This interaction is, by definition, not present when there is financial autarky or a single tradeable bond and this paper shows that the interaction with portfolio allocation can imply that optimal monetary policy generates a quantitatively much more significant stabilisation of the real exchange rate gap than implied by simpler models of financial market incompleteness. |
| 主题 | International Macroeconomics and Finance
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| 关键词 | Optimal monetary policy
Financial market structure
Country portfolios
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| URL | https://cepr.org/publications/dp11198-1
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540015
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推荐引用方式
GB/T 7714 |
Ozge Senay,Alan Sutherland. DP11198 Optimal Monetary Policy, Exchange Rate Misalignments and Incomplete Financial Markets. 2016.
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