Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152789 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
ECB Working Paper No. 355
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The international welfare effects of a country's monetary policy shocks have been controversial in the new open economy macro (i.e., NOEM) literature. While a unilateral monetary expansion increases the production efficiency in each country, it affects the terms of trade in favor of one country against another depending on the currencies of price setting. In this paper, we incorporate multiple stages of production and trade into a standard NEOM model to capture world production interdependence, and show that increased world production interdependence tends to magnify the e±ciency-improvement effect while dampening the terms-of-trade effect. As a consequence, a unilateral monetary expansion can be mutually beneficial regardless of in which currency prices are set. In this sense, international monetary policy transmission may not be a source of potential conflict in a world with production interdependence.
Schlagwörter: 
Local currency pricing
Monopolistic competition
Stages of processing
Welfare
JEL: 
E32
F31
F41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
998.04 kB





Publikationen in EconStor sind urheberrechtlich geschützt.