International transmission effects of monetary policy shocks: can asymmetric price setting explain the stylized facts?
本文通过两国动态一般均衡模型，引入企业定价行为的不对称性（美国企业以本币定价，外国企业以当地货币定价），解释了美国货币政策扩张对国外产出和总需求的正向传导效应。
How does an unexpected domestic monetary expansion affect the foreign economy? Does it induce an increase or a decline in foreign production? In the traditional two-country Mundell–Fleming model, monetary policy reveals ‘beggar-thy-neighbour’ effects. Yet, empirical evidence from VARs indicates that US monetary policy has positive international transmission effects on both foreign (non-US G-7) output and aggregate demand. In this paper, I show that a two-country dynamic general equilibrium model with sticky prices can account for these ‘stylized facts’ if we introduce international asymmetries in the price-setting behaviour of firms insofar as home (US) firms set export prices in their own currency only (producer-currency pricing), whereas producers in the rest of the world price their exports to the US in the local currency of the export market (local-currency pricing). Copyright © 2006 John Wiley & Sons, Ltd.