| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14556 |
| DP14556 The Macroeconomic Stabilization of Tariff Shocks: What is the Optimal Monetary Response? | |
| Giancarlo Corsetti; Paul R Bergin | |
| 发表日期 | 2020-04-04 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In the wake of Brexit and the Trump tariff war, central banks have had to reconsider the role of monetary policy in managing the economic effects of tariff shocks, which may induce a slowdown while raising inflation. This paper studies the optimal monetary policy responses using a New Keynesian model that includes elements from the trade literature, including global value chains in production, firm dynamics, and comparative advantage between two traded sectors. We find that, in response to a symmetric tariff war, the optimal policy response is generally expansionary: central banks stabilize the output gap at the expense of further aggravating short-run inflation---contrary to the prescription of the standard Taylor rule. In response to a tariff imposed unilaterally by a trading partner, it is optimal to engineer currency depreciation up to offsetting the effects of tariffs on relative prices, without completely redressing the effects of the tariff on the broader set of macroeconomic aggregates. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Tariff shock Tariff war Optimal monetary policy Comparative advantage Production chains |
| URL | https://cepr.org/publications/dp14556 |
| 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/543460 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Paul R Bergin. DP14556 The Macroeconomic Stabilization of Tariff Shocks: What is the Optimal Monetary Response?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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