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010   $a9786613828309
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035   $a(PQKBTitleCode)TC0000941805
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035   $a(OCoLC)694141109
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035   $a(IMF)WPIEE2006164
035   $a(EXLCZ)993360000000443758
100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aInternational Policy Coordination and Simple Monetary Policy Rules /$fWolfram Berger, Helmut Wagner
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (28 p.)
225 1 $aIMF Working Papers
300   $a"June 2006."
311   $a1-4518-6424-8 
320   $aIncludes bibliographical references.
327   $a""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""
330 3 $aThis paper studies the optimal design of monetary policy in an optimizing two-country sticky price model. We suppose that the production sequence of final consumption goods stretches across both countries and is associated with vertical trade. Prices of final consumption goods are sticky in the consumer's currency. Pursuing an inward-looking policy, as suggested in recent work, is not optimal in this set-up. We also ask which simple, i.e. non-optimal, targeting rule best supports the welfare maximizing policy. The results hinge critically on the degree of price flexibility and the relative importance of cost-push and productivity shocks. In many cases, a strict targeting of price indices like producer or consumer price indices is dominated by rules that allow for some fluctuations in prices such as nominal income or monetary targeting.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/164
606   $aEconomic policy$xEconometric models
606   $aMonetary policy$xEconometric models
606   $aPrices$xEconometric models
606   $aMacroeconomics$2imf
606   $aOpen Economy Macroeconomics$2imf
606   $aInternational Policy Coordination and Transmission$2imf
606   $aMonetary Policy$2imf
606   $aCentral Banks and Their Policies$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aPrice Level$2imf
606   $aInflation$2imf
606   $aDeflation$2imf
606   $aLabor Economics: General$2imf
606   $aAggregate Factor Income Distribution$2imf
606   $aLabour$2imf
606   $aincome economics$2imf
606   $aConsumption$2imf
606   $aConsumer price indexes$2imf
606   $aProducer price indexes$2imf
606   $aLabor$2imf
606   $aIncome$2imf
606   $aEconomics$2imf
606   $aPrice indexes$2imf
606   $aLabor economics$2imf
615  0$aEconomic policy$xEconometric models.
615  0$aMonetary policy$xEconometric models.
615  0$aPrices$xEconometric models.
615  7$aMacroeconomics
615  7$aOpen Economy Macroeconomics
615  7$aInternational Policy Coordination and Transmission
615  7$aMonetary Policy
615  7$aCentral Banks and Their Policies
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aPrice Level
615  7$aInflation
615  7$aDeflation
615  7$aLabor Economics: General
615  7$aAggregate Factor Income Distribution
615  7$aLabour
615  7$aincome economics
615  7$aConsumption
615  7$aConsumer price indexes
615  7$aProducer price indexes
615  7$aLabor
615  7$aIncome
615  7$aEconomics
615  7$aPrice indexes
615  7$aLabor economics
700   $aBerger$b Wolfram$01574028
701   $aWagner$b Helmut$0120712
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788407103321
996   $aInternational Policy Coordination and Simple Monetary Policy Rules$93850042
997   $aUNINA