| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w18716
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| 来源ID | Working Paper 18716
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| International Monetary Coordination and the Great Deviation |
| John B. Taylor
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| 发表日期 | 2013-01-17
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| 出版年 | 2013
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| 语种 | 英语
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| 摘要 | Research in the early 1980s found that the gains from international coordination of monetary policy were quantitatively small compared to simply getting domestic policy right. That prediction turned out to be a pretty good description of monetary policy in the 1980s, 1990s, and until recently. Because this balanced international picture has largely disappeared, the 1980s view about monetary policy coordination needs to be reexamined. The source of the problem is not that the models or the theory are wrong. Rather there was a deviation from the rule-like monetary policies that worked well in the 1980s and 1990s, and this deviation helped break down the international monetary balance. There were similar deviations at many central banks, an apparent spillover culminating in a global great deviation. The purpose of this paper is to examine the possible causes and consequences of these spillovers, and to show that uncoordinated responses of central banks to the deviations can create an amplification mechanism which might be overcome by some form of policy coordination. |
| 主题 | Macroeconomics
; Monetary Policy
; International Economics
; International Finance
|
| URL | https://www.nber.org/papers/w18716
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576390
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推荐引用方式
GB/T 7714 |
John B. Taylor. International Monetary Coordination and the Great Deviation. 2013.
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文件名：
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w18716.pdf
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格式：
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Adobe PDF
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