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Efectos precio y comercio en un area monetaria asimetrica
[Price and trade effects in an asymmetric monetary area]

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Author Info
Carrera, Jorge Eduardo

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Abstract

Using a three countries model with flexible exchange rates, this study tries to analyze the situation in an asymmetric monetary area around a big country. The model consider a stochastic framework where the monetary policy is used to stabilize the inflation and the current account. The monetary policy works through the exchange rate and the interdependence is a consequence of the exchange rates spillovers (trade and prices effects). The Nash equilibrium was obtained and based on this result it is showed under wich circumstances cooperation could improve the policymakers situation. The relation between spillovers specifyes the optimal monetary policy choice between coordination or Nash (to fix the exchange rates or not) and the viability of the coordination rule.

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File URL: http://mpra.ub.uni-muenchen.de/7844/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7844.

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Date of creation: 1995
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Handle: RePEc:pra:mprapa:7844

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Related research
Keywords: monetary unions game theory asimetry exchange rates Nash policy cooperation three countries model

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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  1. Dolado, Juan J. & Griffiths, Mark & Padilla, Atilano Jorge, 1993. "Delegation in International Monetary Policy Games," CEPR Discussion Papers 761, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Klein, Martin, 1991. "Bargaining for the Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," CEPR Discussion Papers 553, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Carraro, Carlo & Giavazzi, Francesco, 1988. "Can International Policy Coordination Really Be Counterproductive?," CEPR Discussion Papers 258, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Cohen, D. & Wyplosz, C., 1990. "Price and Trade Effects of Exchange Rates Fluctuations and the Design of Policy Coordination," DELTA Working Papers 90-19, DELTA (Ecole normale supérieure).
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  5. Giavazzi, Francesco & Giovannini, Alberto, 1989. "Monetary Policy Interactions under Managed Exchange Rates," Economica, London School of Economics and Political Science, vol. 56(222), pages 199-213, May. [Downloadable!] (restricted)
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  6. Martin Feldstein, 1991. "Does one market require one money?," Proceedings, Federal Reserve Bank of Kansas City, pages 77-84.
  7. Oudiz, Gilles, 1985. "European Policy Coordination: An Evaluation," CEPR Discussion Papers 81, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2008-11-18.

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