International monetary policy coordination under asymmetric shocks

Carmen Diaz-Roldan

No 2, Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra

Abstract: The purpose of this paper is to show whether international policy coordination may be the best response to economic interdependence. We will study the short-run interactions taking pla ce among interdependent economies, where monetary supply is the instrument used to maintain output and price targets. We develop a macroeconomic model in which countries show different preferences regarding objectives and face asymmetric disturbances, analyzing in strategic terms how nonetary policy can deal with real, monetary, adn supply shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic frameword, and the asymmetry of the preferences.

Keywords: Interdependence; asymmetric shocks; coordination of monetary policies. (search for similar items in EconPapers)
JEL-codes: E52 E61 F42 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2000
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Citations: View citations in EconPapers (2)

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Journal Article: International monetary policy coordination under asymmetric shocks (2004)
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