Optimal Monetary Policy and Sectoral Shocks: Is International Monetary Cooperation Beneficial?
使用随机一般均衡模型，研究最优货币政策的福利效应及政策协调的潜在收益，发现当贸易品和非贸易品部门冲击负相关且规模相近时，合作带来的福利收益显著。
Abstract A stochastic general‐equilibrium model is used to explore the welfare effects of optimal monetary policy and the potential benefits of policy coordination. Cross‐country perfectly symmetric shocks in the traded goods sectors and imperfectly correlated shocks in the non‐traded goods sectors are considered. In this set‐up, monetary policy may not be able to achieve efficient sectoral resource allocations within countries and avoid inefficient relative price changes across countries. Welfare gains from coordination are sizable if the shocks to the traded and non‐traded goods sectors are negatively correlated and both sectors are of roughly equal size.