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Politique monétaire optimale et effet de variété en économie ouverte

Stéphane Auray, Aurélien Eyquem and Jean-Christophe Poutineau

Economie & Prévision, 2010, vol. n° 193, issue 2, 43-58

Abstract: (2007) ? the optimal monetary policy consists in stabilizing consumer prices, as the stabilization of producer prices generates an inadequate adjustment of the real exchange rate. Furthermore, when the intensive margin of trade is factored in, the choice of a fixed exchange-rate regime creates excess macroeconomic volatility that entails a welfare cost when trade flows are significant and when hours worked exhibit high real-wage elasticity.

Keywords: optimal monetary policy; open economy; love-of-variety effect; extensive margin (search for similar items in EconPapers)
Date: 2010
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