The International Transmission of Monetary Policy in a Dollar Pricing Model

被引：0
|
作者：
Juha Tervala
机构：
[1] University of Helsinki and HECER,Department of Economics
来源：
Open Economies Review | 2010年 / 21卷
关键词：
Open economy macroeconomics; Monetary policy; International policy transmission; F41; F42; F30;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper analyses the international transmission of monetary policy in the case where all export prices are set in US dollars. “Dollar pricing” implies that the international effects of US monetary shocks are different from those of European shocks because of an asymmetric exchange rate pass-through to import prices. A dollar pricing model can explain the observed asymmetry in the transmission of monetary policy: US monetary policy affects US output more than European monetary policy affects European output. I also show that the current account is an important channel through which monetary policy affects welfare. The paper concludes that under dollar pricing a monetary expansion is a beggar-thy-neighbour policy.
引用
收藏
页码：629 / 654
页数：25
相关论文
共 50 条
  • [1] The International Transmission of Monetary Policy in a Dollar Pricing Model
    Tervala, Juha
    OPEN ECONOMIES REVIEW, 2010, 21 (05) : 629 - 654
  • [2] The international transmission of monetary policy
    Buch, Claudia M.
    Bussiere, Matthieu
    Goldberg, Linda
    Hills, Robert
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2019, 91 : 29 - 48
  • [3] International transmission of China's monetary policy
    Zhang, Mi
    Mei, Dongzhou
    Lei, Wenni
    APPLIED ECONOMICS, 2024,
  • [4] International monetary policy transmission in EAEU countries
    Dobronravova, E. P.
    Trunin, P. V.
    ZHURNAL NOVAYA EKONOMICHESKAYA ASSOTSIATSIYA-JOURNAL OF THE NEW ECONOMIC ASSOCIATION, 2024, (01): : 211 - 228
  • [5] Monetary policy and the trade weighted dollar
    Warburton, Christopher
    STUDIES IN ECONOMICS AND FINANCE, 2013, 30 (02) : 80 - +
  • [6] European Monetary Union, the dollar and the International Monetary System
    Eichengreen, B
    Corden
    Friedman
    Neumann
    Cooper
    Johnson
    Solomon
    Samuelson
    Willet
    Johnson
    Modigliani
    Tobin
    Zak
    Shelton
    Mundell
    CURRENCY CRISIS, MONETARY UNION, AND THE CONDUCT OF MONETARY POLICY: A DEBATE AMONG LEADING ECONOMISTS, 1999, : 32 - 51
  • [7] Chinese Monetary Policy and the Dollar Peg
    Reade, J. James
    Volz, Ulrich
    EVOLVING ROLE OF CHINA IN THE GLOBAL ECONOMY, 2013, : 265 - 299
  • [8] The Role of International Financial Integration in Monetary Policy Transmission
    Wu, Jing Cynthia
    Xie, Yinxi
    Zhang, Ji
    IMF ECONOMIC REVIEW, 2024, : 944 - 990
  • [9] International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
    Rey, Helene
    IMF ECONOMIC REVIEW, 2016, 64 (01) : 6 - 35
  • [10] International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
    Hélène Rey
    IMF Economic Review, 2016, 64 : 6 - 35
12345