A Welfare‐Based Analysis of International Monetary Policy Spillovers at the Zero Lower Bound
研究零利率下限下大国前瞻指引对小型贸易伙伴国的福利溢出效应，发现总体上有益邻国，但可能恶化小国货币政策稳定目标间的权衡。
Abstract We study the welfare effects of international monetary policy spillovers at the zero lower bound, focusing on the effects of forward guidance in a large economy (“foreign”) on its smaller trading partner (“home”) in scenarios motivated by the global financial crisis. We find that foreign forward guidance has an overall prosper‐thy‐neighbor effect on the home economy as long as it increases foreign welfare. This finding holds under alternative assumptions about exchange rate pass‐through or the degree of international financial integration. However, foreign forward guidance may worsen the trade‐off between the stabilization objectives of home monetary policy.