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dc.contributor.authorMichaelis, Jochenen
dc.date.accessioned2012-01-12-
dc.date.accessioned2012-04-04T13:49:49Z-
dc.date.available2012-04-04T13:49:49Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/56504-
dc.description.abstractIn this paper we introduce the cost channel of monetary policy (e.g., Ravenna and Walsh, 2006) into an otherwise standard New Keynesian model of a two-country monetary union, which is being hit by aggregate, asymmetric and idiosyncratic shocks. The single central bank implements the optimal discretionary monetary policy by setting the union interest rate.The cost channel makes monetary policy less effective in combatting inflation, but it is shown that the optimal response to the decline in effectiveness is a stronger use of the instrument. Moreover, we show how the sign of the spillover effects of idiosyncratic shocks depends on the strength of the cost channel. If the cost channel exceeds a well-defined threshold, then the interest rate turns into a supply-side instrument.en
dc.language.isoengen
dc.publisher|aPhilipps-University Marburg, Faculty of Business Administration and Economics |cMarburgen
dc.relation.ispartofseries|aMAGKS Joint Discussion Paper Series in Economics |x03-2012en
dc.subject.jelE31en
dc.subject.jelE52en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordcost channelen
dc.subject.keywordoptimal monetary policyen
dc.subject.keywordmonetary unionen
dc.subject.keywordopen economy macroeconomicsen
dc.subject.stwGeldpolitiken
dc.subject.stwKostenen
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwWährungsunionen
dc.subject.stwZwei-Länder-Modellen
dc.subject.stwNeukeynesianische Makroökonomiken
dc.subject.stwTheorieen
dc.titleOptimal monetary policy in a currency union: The role of the cost channel-
dc.typeWorking Paperen
dc.identifier.ppn682937053en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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