G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11416
DP11416 The Inherent Benefit of Monetary Unions
Tommaso Monacelli
发表日期2016-07-26
出版年2016
语种英语
摘要The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment, flexible exchange rates generally dominate a monetary union (or fixed exchange rate) regime. Under discretion, this result is overturned: a monetary union dominates flexible exchange rates. By fixing the nominal exchange rate, a benevolent monetary authority finds it welfare improving to tradeoff flexibility in the adjustment of the terms of trade in order to improve on its ability to manage the private sector's expectations. Thus, inertia in the terms of trade (induced by a fixed exchange rate) is a cost under commitment, whereas it is a benefit under discretion, for it acts like a commitment device.
主题International Macroeconomics and Finance
关键词Monetary union Flexible exchange rates Commitment Discretion Welfare losses Nominal rigidities
URLhttps://cepr.org/publications/dp11416
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/540230
推荐引用方式
GB/T 7714
Tommaso Monacelli. DP11416 The Inherent Benefit of Monetary Unions. 2016.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Tommaso Monacelli]的文章
百度学术
百度学术中相似的文章
[Tommaso Monacelli]的文章
必应学术
必应学术中相似的文章
[Tommaso Monacelli]的文章
相关权益政策
暂无数据
收藏/分享

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。