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Welfare and macroeconomic interdependence
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DOI：10.1162/00335530151144069.png)
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摘要
En 中文
We develop a baseline model of monetary and fiscal transmission in interdependent economies. The welfare effects of expansionary policies are related to monopolistic supply in production and monopoly power of a country in trade. An unanticipated exchange rate depreciation can be beggar-thyself rather than beggar-thy-neighbor, as gains in domestic output are offset by deteriorating terms of trade. Smaller and more open economies are more prone to suffer from inflationary shocks. Larger economies benefit from moderate demand-led expansions, but may be worse off if policy-makers attempt to close the output gap. Fiscal shocks are generally beggar-thy-neighbor in the long run; in the short nm they raise domestic demand at given terms of trade, thus reducing the welfare benefits from monetary expansions. Analytical tractability makes our model uniquely suitable as a starting point to approach the recent new open-economy macroeconomic literature.
Keyword:
EXCHANGE-RATE DYNAMICS
MONOPOLISTIC COMPETITION
MODEL
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12.7
论文数:
1.2K
被引数:
4.1W
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EXCESS CAPACITY, MONOPOLISTIC COMPETITION, AND INTERNATIONAL TRANSMISSION OF MONETARY DISTURBANCES.png)
ECONOMIC JOURNAL
OAAI
ECONOMIC JOURNALIF3.6
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