The Elusive Gains from Nationally-Oriented Monetary Policy

G. Corsetti, Martin Bodenstein, L. Guerrieri
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引用次数: 3

Abstract

The consensus in the recent literature is that the gains from international monetary cooperation are negligible, and so are the costs of a breakdown in cooperation. However, when assessed conditionally on empirically-relevant dynamic developments of the economy, the welfare cost of moving away from regimes of explicit or implicit cooperation may rise to multiple times the cost of economic fluctuations. In economies with incomplete markets, the incentives to act non-cooperatively are driven by the emergence of global imbalances, i.e., large net-foreign-asset positions; and, in economies with complete markets, by divergent real wages.
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以国家为导向的货币政策难以捉摸的收益
最近文献的共识是,国际货币合作的收益可以忽略不计,合作破裂的成本也是如此。然而,如果有条件地根据与经验相关的经济动态发展进行评估,放弃明示或隐性合作制度的福利成本可能会上升到经济波动成本的数倍。在市场不完全的经济体中,不合作行为的动机是由全球失衡的出现所驱动的,即大量净外国资产头寸;在完全市场的经济体中,实际工资也存在差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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