| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14359 |
| DP14359 The Elusive Gains from Nationally-Oriented Monetary Policy | |
| Giancarlo Corsetti; Martin Bodenstein; Luca Guerrieri | |
| 发表日期 | 2020-01-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The consensus in the recent literature is that the gains from international monetary cooperation are negligible, and so are the costs of a breakdown in cooperation. However, when assessed conditionally on empirically-relevant dynamic developments of the economy, the welfare cost of moving away from regimes of explicit or implicit cooperation may rise to multiple times the cost of economic fluctuations. In economies with incomplete markets, the incentives to act non-cooperatively are driven by the emergence of global imbalances, i.e., large net-foreign-asset positions; and, in economies with complete markets, by divergent real wages. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Monetary policy cooperation Global imbalances Open-loop nash games |
| URL | https://cepr.org/publications/dp14359 |
| 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/543253 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Martin Bodenstein,Luca Guerrieri. DP14359 The Elusive Gains from Nationally-Oriented Monetary Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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