全球智库信息集成服务系统(G2TT): Exchange Rates, Local Currency Pricing and International Tax Policies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25111
来源ID	Working Paper 25111
	Exchange Rates, Local Currency Pricing and International Tax Policies
	Sihao Chen; Michael B. Devereux; Jenny Xu; Kang Shi
发表日期	2018-10-01
出版年	2018
语种	英语
摘要	Empirical evidence suggests that for many countries, retail prices of traded goods are sticky in national currencies. Movements in exchange rates then cause deviations from the law of one price, and exchange rate ëmisalignmentí, which cannot be corrected by monetary policy alone. This paper shows that a state contingent international tax policy can be combined with monetary policy to eliminate exchange rate misalignment and sustain a fully efficient welfare outcome. But this monetary-fiscal mix cannot be decentralized with non-cooperative determination of monetary and fiscal policy. Non-cooperative use of taxes and subsidies introduces strategic spillovers which opens up a fundamental conflict between the goals of output gap and inflation stabilization and those of terms of trade manipulation in an open economy. The implementation of an efficient monetary-fiscal mix requires effective cooperation in fiscal policy, while leaving monetary policy to be determined non-cooperatively. In addition, while an efficient outcome requires state contingent taxes and subsidies to eliminate exchange rate misalignment, it is still necessary to have flexible exchange rates and independent monetary policy.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w25111
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/582784
推荐引用方式 GB/T 7714	Sihao Chen,Michael B. Devereux,Jenny Xu,et al. Exchange Rates, Local Currency Pricing and International Tax Policies. 2018.

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
w25111.pdf（309KB）	智库出版物		限制开放	CC BY-NC-SA	浏览