Monetary Policy Cooperation May Not Be Counterproductive
修正了Rogoff（1985）的著名结论，即国际货币政策合作是适得其反的。在一个类似模型中，如果工资制定者非原子化且厌恶通胀（与政策制定者一样），合作会带来更高的就业和可能更低的通胀。
This paper qualifies Rogoff's famous (1985) result that international monetary policy cooperation is counterproductive. In a model similar to his, it is shown that if wage‐setters are non‐atomistic and inflation averse — as policymakers are — cooperation leads to higher employment and possibly lower inflation.