| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19025 |
| 来源ID | Working Paper 19025 |
| Market Deregulation and Optimal Monetary Policy in a Monetary Union | |
| Matteo Cacciatore; Giuseppe Fiori; Fabio Ghironi | |
| 发表日期 | 2013-05-09 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The wave of crises that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country monetary union with endogenous product creation, labor market frictions, and price and wage rigidities. Regulation affects producer entry costs, employment protection, and unemployment benefits. We first characterize optimal monetary policy when regulation is high in both countries and show that the Ramsey allocation requires significant departures from price stability both in the long run and over the business cycle. Welfare gains from the Ramsey-optimal policy are sizable. Second, we show that the adjustment to market reform requires expansionary policy to reduce transition costs. Third, deregulation reduces static and dynamic inefficiencies, making price stability more desirable. International synchronization of reforms can eliminate policy tradeoffs generated by asymmetric deregulation. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; International Economics ; International Macroeconomics ; Labor Economics ; Unemployment and Immigration ; Industrial Organization ; Regulatory Economics |
| URL | https://www.nber.org/papers/w19025 |
| 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/576699 |
| 推荐引用方式 GB/T 7714 | Matteo Cacciatore,Giuseppe Fiori,Fabio Ghironi. Market Deregulation and Optimal Monetary Policy in a Monetary Union. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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