Optimal Monetary Policy in Small Open Economies: Producer-Currency Pricing

被引：0

作者：

Dmitriev, Mikhail ^{[1
]}

Hoddenbagh, Jonathan ^{[2
]}

机构：

[1] Florida State Univ, Tallahassee, FL 32306 USA

[2] Johns Hopkins Univ, Baltimore, MD 21218 USA

来源：

INTERNATIONAL JOURNAL OF CENTRAL BANKING | 2021年 / 17卷 / 02期

关键词：

BUSINESS-CYCLE; TRADE; ELASTICITY; DYNAMICS; WELFARE;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We establish the share of exports in production as a sufficient statistic for optimal noncooperative monetary policy. Under financial autarky, markups positively co-move with the export share. For complete markets, markups should be procyclical if the export share is procyclical. When central banks cooperate, markups are constant under complete markets, and countercyclical under financial autarky.

引用

页码：297 / 338

页数：42

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