Monetary policy transmission asymmetries in a heterogeneous monetary union: a simple contractual solution

被引：0
|
作者：
Semenescu, Cristina Badarau [1 ]
Gregoriadis, Nelly [1 ]
Villieu, Patrick [1 ]
机构：
[1] Lab Econ Orleans, Orleans, France
来源：
ECONOMICS BULLETIN | 2008年 / 5卷
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D O I：
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中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper, we show that imposing linear penalties on inflation and income divergences to a common central bank could be an interesting solution to stabilization problems in a heterogeneous monetary Union. We find an "optimal contract" for monetary policy which enforces the optimal solution for maximizing Union-wide welfare. This contract may provide a good institutional response to stabilization problems raised by monetary policy transmission asymmetries, as described in De Grauwe Senegas (2004).
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页数：9
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