| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13544 |
| 来源ID | Working Paper 13544 |
| Optimal Monetary Policy and the Sources of Local-Currency Price Stability | |
| Giancarlo Corsetti; Luca Dedola; Sylvain Leduc | |
| 发表日期 | 2007-10-26 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We analyze the policy trade-offs generated by local currency price stability of imports in economies where upstream producers strategically interact with downstream firms selling the final goods to consumers. We study the effects of staggered price setting at the downstream level on the optimal price (and markup) chosen by upstream producers and show that downstream price movements affect the desired markup of upstream producers, magnifying their price response to shocks. We revisit the international dimensions of optimal monetary policy, unveiling an argument in favor of consumer price stability as the main prescription for monetary policy. Since stable consumer prices feed back into a low volatility of markups among upstream producers, this contains inefficient deviations from the law of one price at the border. However, efficient stabilization of different CPI components will not generally result into perfect stabilization of headline inflation. National policies optimally respond to the same shocks in a similar way, thus containing volatility of the terms of trade, but not necessarily of the real exchange rate. The latter will be more volatile, among other things, the larger the home bias in expenditure and the content of local inputs in consumer goods. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13544 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571220 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Luca Dedola,Sylvain Leduc. Optimal Monetary Policy and the Sources of Local-Currency Price Stability. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13544.pdf（396KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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