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Foreign Money Shocks and the Welfare Performance of Alternative Monetary Policy Regimes

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Author Info
Ozge Senay
Alan Sutherland

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Abstract

The welfare properties of monetary policy regimes for a country subject to foreign money shocks are examined in a two-country sticky-price model. Money targeting is found to be welfare superior to a fixed exchange rate when the expenditure switching effect of exchange rate changes is relatively weak, but a fixed rate is superior when the expenditure switching effect is strong. However, price targeting is superior to both these regimes for all values of the expenditure switching effect. A welfare-maximising monetary rule yields lower output and exchange rate volatility than price targeting for a wide range of parameter values. Copyright The editors of the "Scandinavian Journal of Economics" 2007 .

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9442.2007.00490.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Scandinavian Journal of Economics.

Volume (Year): 109 (2007)
Issue (Month): 2 (06)
Pages: 245-266
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Handle: RePEc:bla:scandj:v:109:y:2007:i:2:p:245-266

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This page was last updated on 2009-12-19.


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