Monetary Policy Cooperation May Not Be Counterproductive

Henrik Jensen

Scandinavian Journal of Economics, 1997, vol. 99, issue 1, 73-80

Abstract: This paper qualifies Rogoff's famous (1985) result that international monetary policy cooperation is counterproductive. In a model similar to his, it is shown that if wage‐setters are non‐atomistic and inflation averse — as policymakers are — cooperation leads to higher employment and possibly lower inflation.

Date: 1997
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