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International monetary policy coordination under asymmetric shocks

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Abstract

The purpose of this paper is to show whether international policy coordination may be the best response to economic interdependence. We will study the short-run interactions taking pla ce among interdependent economies, where monetary supply is the instrument used to maintain output and price targets. We develop a macroeconomic model in which countries show different preferences regarding objectives and face asymmetric disturbances, analyzing in strategic terms how nonetary policy can deal with real, monetary, adn supply shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic frameword, and the asymmetry of the preferences.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT0002.PDF
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Bibliographic Info

Paper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 0002.

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Length: 45 pages
Date of creation: 2000
Date of revision:
Publication status: Published in
Handle: RePEc:nav:ecupna:0002

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Related research

Keywords: Interdependence; asymmetric shocks; coordination of monetary policies.;

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Cited by:
  1. Carmen Díaz-Roldán, . "Coordination of Fiscal Policies in a Monetary Union," Working Papers on International Economics and Finance 00-09, FEDEA.

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