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Record Nr. |
UNINA9910817303403321 |
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Autore |
Berger Wolfram |
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Titolo |
International policy coordination and simple monetary policy rules / / Wolfram Berger and Helmut Wagner |
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Pubbl/distr/stampa |
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[Washington, D.C.], : International Monetary Fund, Research Dept., c2006 |
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ISBN |
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1-4623-5888-8 |
1-4527-9252-6 |
1-283-51585-7 |
1-4519-8500-2 |
9786613828309 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (28 p.) |
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Collana |
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IMF working paper ; ; WP/06/164 |
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Altri autori (Persone) |
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Soggetti |
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Economic policy - Econometric models |
Monetary policy - Econometric models |
Prices - Econometric models |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. WELFARE, OUTPUT AND CONSUMPTION ""; ""IV. OPTIMAL MONETARY POLICY AND POLICY COORDINATION ""; ""V. SIMPLE RULES AND WELFARE""; ""VI. CONCLUSIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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This paper studies the optimal design of monetary policy in an optimizing two-country sticky price model. We suppose that the production sequence of final consumption goods stretches across both countries and is associated with vertical trade. Prices of final consumption goods are sticky in the consumer's currency. Pursuing an inward-looking policy, as suggested in recent work, is not optimal in this set-up. We also ask which simple, i.e. non-optimal, targeting rule best supports the welfare maximizing policy. The results hinge critically on the degree of price flexibility and the relative importance of cost-push and productivity shocks. In many cases, a strict targeting of price indices like producer or consumer price indices is dominated by rules that allow for some fluctuations in prices such as nominal income or |
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