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La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?




This 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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  • Mª del Carmen Díaz Roldán, 1998. "La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9808, Departamento de Economía - Universidad Pública de Navarra.
  • Handle: RePEc:nav:ecupna:9808

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    References listed on IDEAS

    1. Kehoe, Patrick J., 1987. "Coordination of fiscal policies in a world economy," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 349-376, May.
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    4. Corden, Warner Max, 1985. "Macroeconomic Policy Interaction under Flexible Exchange Rates: A Two-Country Model," Economica, London School of Economics and Political Science, vol. 52(205), pages 9-23, February.
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    8. Jose Vinals & Juan F. Jimeno, "undated". "Monetary union and european unemployment," Working Papers 96-22, FEDEA.
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    17. María del Carmen Díaz, 1998. "Efectos de la coordinación internacional de la política monetaria en presencia de perturbaciones asimétricas," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9815, Departamento de Economía - Universidad Pública de Navarra.
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    More about this item


    Interdependencia; perturbaciones simetricas; coordinacion.;

    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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