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dc.contributor.authorPierdzioch, Christianen_US
dc.description.abstractA dynamic general equilibrium two-country optimizing model is used to analyze the welfare effects of monetary policy in open economies. The distinguishing feature of the model is that households? preferences feature a "keeping up with the Joneses" effect. This effect implies that households? utility depends upon the level of their consumption relative to the aggregate level of consumption. The model implies that, depending on the strength of the "keeping up with the Joneses" effect, an expansive monetary policy can be a "beggar-thyself" policy. Moreover, the welfare effects of monetary policy are asymmetric across countries.en_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1166en_US
dc.subject.keywordMonetary policyen_US
dc.subject.keywordConsumption externalityen_US
dc.subject.keywordWelfare effectsen_US
dc.subject.stwNeue Makroökonomik offener Volkswirtschaftenen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.titleKeeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economiesen_US
dc.typeWorking Paperen_US
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