Policy instrument choice and non-coordinated monetary policy in interdependent economies

被引：5

作者：

Lombardo, Giovanni

Sutherland, Alan ^{[1
]}

机构：

[1] Univ St Andrews, Dept Econ, St Andrews KY16 9AL, Fife, Scotland

[2] European Cent Bank, D-60066 Frankfurt, Germany

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2006年 / 25卷 / 06期

基金：

英国经济与社会研究理事会;

关键词：

monetary policy; money supply rules; interest rate rules;

D O I：

10.1016/j.jimonfin.2006.07.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Non-coordinated monetary policy is analyzed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules, and one where policy is set in terms of state-contingent nominal interest rate rules. In general, the non-coordinated equilibrium differs between the two types of policy rule, but a number of special cases are identified where the equilibria are identical. The endogenous choice of policy instrument is analyzed and the Nash equilibrium in the choice of policy instrument is shown to depend on the interest elasticity of money demand. (c) 2006 Elsevier Ltd. All rights reserved.

引用

页码：855 / 873

页数：19

共 18 条

[1] Does exchange-rate stability increase trade and welfare? [J].