dc.contributor.author | BODENSTEIN, Martin | |
dc.contributor.author | CORSETTI, Giancarlo | |
dc.contributor.author | GUERRIERI, Luca | |
dc.date.accessioned | 2023-03-21T16:55:18Z | |
dc.date.available | 2023-03-21T16:55:18Z | |
dc.date.issued | 2023 | |
dc.identifier.issn | 1028-3625 | |
dc.identifier.uri | https://hdl.handle.net/1814/75447 | |
dc.description.abstract | The gains from monetary policy cooperation depend on real and financial distortions in the economy
and evolve dynamically with prevailing economic conditions. We show that, with international trade
in assets, these gains are driven by asymmetric cross-border developments in productivity and
savings, and can reach multiples of the cost of economic fluctuations. When financial flows are
restricted to non-state-contingent bonds, the gains from cooperation grow with the size of global
imbalances, i.e., net-foreign-asset positions. | en |
dc.format.mimetype | application/pdf | en |
dc.language.iso | en | en |
dc.publisher | European University Institute | en |
dc.relation.ispartofseries | EUI | en |
dc.relation.ispartofseries | RSC | en |
dc.relation.ispartofseries | Working Paper | en |
dc.relation.ispartofseries | 2023/25 | en |
dc.relation.ispartofseries | Pierre Werner Chair Programme | en |
dc.rights | info:eu-repo/semantics/openAccess | en |
dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | * |
dc.subject | Monetary policy cooperation | en |
dc.subject | Global imbalances | en |
dc.subject | Open-loop Nash games | en |
dc.title | The elusive gains from nationally oriented monetary policy | en |
dc.type | Working Paper | en |
eui.subscribe.skip | true | |
dc.rights.license | Attribution 4.0 International | * |