Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/60540
Authors: 
Corsetti, Giancarlo
Pesenti, Paolo A.
Year of Publication: 
2005
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 209
Abstract: 
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal monetary policy and the welfare gains from macroeconomic stabilization, the international transmission of real and monetary shocks and the role of exchange rate pass-through, and the design of optimal exchange rate regimes and monetary coordination among interdependent economies
JEL: 
E31
E52
F42
Document Type: 
Working Paper

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