Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage
提出货币稳定政策如何通过影响不同行业的不确定性，改变一国出口结构，从而塑造比较优势，对关注汇率与竞争力的学者有启发。
Motivated by the long-standing debate on competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country’s international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country’s comparative advantage. We develop a two-country New Keynesian model with two tradable sectors in each country: one perfectly competitive, the other producing differentiated goods under monopolistic competition subject to sunk entry costs and nominal rigidities and hence more sensitive to macroeconomic uncertainty. Monetary policy can disproportionately foster competitiveness of differentiated goods firms, ultimately affecting the composition of domestic output and exports.