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100   $a20061114d2006      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 and Helmut Wagner
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund, Research Dept.$dc2006
215   $a1 online resource (28 p.)
225 1 $aIMF working paper ;$vWP/06/164
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 paper ;$vWP/06/164.
606   $aEconomic policy$xEconometric models
606   $aMonetary policy$xEconometric models
606   $aPrices$xEconometric models
615  0$aEconomic policy$xEconometric models.
615  0$aMonetary policy$xEconometric models.
615  0$aPrices$xEconometric models.
700   $aBerger$b Wolfram$01610179
701   $aWagner$b Helmut$f1951-$0120712
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910817303403321
996   $aInternational Policy Coordination and Simple Monetary Policy Rules$93937819
997   $aUNINA