La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?
AbstractThis paper discusses the possibility of international monetary policy coordination in response to symmetric disturbances. The results show, as expected, that coordination is always useful to deal with monetary shocks. But coordination is not always the best response against real shocks, since the cooperative solution may be counterproductive when aggregate supply is relatively rigid. Finally, the benefits of coordination become evident under supply shocks, because cooperation minimizes the cost of applying an inappropriate economic policy. To conclude, the advantages of monetary policy coordination would appear clearer when monetary and supply shocks would prevail.
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Bibliographic InfoPaper 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 9808.
Length: 20 pages
Date of creation: May 1998
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Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
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