| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11416 |
| 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 |
| URL | https://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. |
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