Global Implications of Self-Oriented National Monetary Rules
论证在商品和金融市场紧密关联时，各国自主制定货币政策规则并非大问题，缺乏协调的损失远小于宏观稳定带来的收益。
It is well-known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But when goods and financial markets are tightly linked, is it problematic if countries unilaterally design their monetary policy rules? Are the stabilization gains from having separate currencies largely squandered in the absence of effective international monetary coordination? We argue that under plausible assumptions the answer is no. Unless risk aversion is very high, lack of coordination in rule setting is a second-order problem compared with the overall gains from macroeconomic stabilization.