Welfare and Macroeconomic Interdependence

Giancarlo Corsetti and Paolo Pesenti

No 6307, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of macroeconomic interdependence, structural spillovers strategic complementarities with rigorous but intuitive micro-foundations. In contrast with the" traditional literature, our findings emphasize the positive externalities of foreign monetary" expansions and foreign fiscal contractions on domestic welfare, while highlighting the" ambiguous welfare effects of domestic policy shocks.

Date: 1997-12
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (75)

Published as Corsetti, Giancarlo and Paolo Pesenti. "Welfare And Macroeconomic Interdependence," Quarterly Journal of Economics, 2001, v116(2,May), 421-445.

Downloads: (external link)
http://www.nber.org/papers/w6307.pdf (application/pdf)

Related works:
Journal Article: Welfare and Macroeconomic Interdependence (2001)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:6307

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w6307

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().