Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/17691 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorPierdzioch, Christianen
dc.date.accessioned2009-01-28T14:58:51Z-
dc.date.available2009-01-28T14:58:51Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/17691-
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
dc.language.isoengen
dc.publisher|aKiel Institute for World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1166en
dc.subject.jelF42en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordMonetary policyen
dc.subject.keywordConsumption externalityen
dc.subject.keywordWelfare effectsen
dc.subject.stwGeldpolitiken
dc.subject.stwNeue Makroökonomik offener Volkswirtschaftenen
dc.subject.stwOffene Volkswirtschaften
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwKonsuminterdependenzen
dc.subject.stwWohlfahrtseffekten
dc.subject.stwTheorieen
dc.titleKeeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies-
dc.typeWorking Paperen
dc.identifier.ppn364355298en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1166en

Files in This Item:
File
Size
226.13 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.