首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Monetary policy interaction within or without an exchange-rate arrangement
Authors:Daniel Gros  Timothy Lane
Institution:(1) Centre of European Policy Studies, Brussels;(2) Catholic University of Leuven, Belgium;(3) International Monetary Fund, USA
Abstract:In a simple stochastic two-country model in which each country uses monetary policy to offset shocks that impinge on its national income, the policy rule chosen by each country is affected by the rule chosen by the other. A monetary union emerges as a Nash equilibrium (and is Pareto optimal) if the variance of shocks affecting the real exchange rate is small. An exchange-rate arrangement, and in particular a system of exchange-rate bands such as the European Monetary System (EMS), may create a need for more policy cooperation and may give scope for strategic asymmetries.
Keywords:EMS  exchange-rate feedback  Nash equilibrium  asymmetric policy  exchange-rate bands
本文献已被 SpringerLink 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号