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Efectos de la coordinación internacional de la política monetaria en presencia de perturbaciones asimétricas

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Abstract

The purpose of this paper is to show how international policy coordination may be the best response to economic interdependence. We will study the short-run interactions that take place 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. In this context, we analyze in strategic terms how monetary policy can deal with real, monetary, and productivity shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic framework, and the asymmetry of the preferences. Finally, we outline the implications of the analysis for the European Monetary Union.

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  • 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.
    • Handle: RePEc:nav:ecupna:9815
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    Cited by:

    1. Maza, Adolfo & Sanchez-Robles, Blanca, 2002. "EMU and macroeconomic shocks: some evidence on Spanish regions," ERSA conference papers ersa02p391, European Regional Science Association.
    2. 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.

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