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Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1141
Verlag: 
Kiel Institute for World Economics (IfW), Kiel
Zusammenfassung: 
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effects of monetary policy in open economies. The model shows that the difference between the short-run output effects of monetary policy shocks in a world of high capital mobility and those in a world of low capital mobility decreases if households have a home-product bias in preferences. This result implies that, in contrast to conventional wisdom derived from the textbook Mundell-Fleming model, the empirically observed integration of international financial markets need not result in a significant change in the propagation of monetary policy shocks if households have a strong bias for consuming home products.
Schlagwörter: 
Monetary Policy
Capital mobility
Home-product bias
JEL: 
F41
F36
F32
Dokumentart: 
Working Paper

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