Efectos de la coordinación internacional de la política monetaria en presencia de perturbaciones asimétricas

Carmen Diaz-Roldan

No 9815, 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 how international policy coordination may be the best response to economic interdependence. We will study the short-run interactions that take place 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. In this context, we analyze in strategic terms how monetary policy can deal with real, monetary, and productivity shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic framework, and the asymmetry of the preferences. Finally, we outline the implications of the analysis for the European Monetary Union.

Pages: 56 pages
Date: 1998
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