The Elusive Gains from Nationally Oriented Monetary Policy
研究发现货币政策合作的收益取决于经济和金融扭曲，并随经济状况动态变化；在资产国际贸易下，收益由生产率和储蓄的跨境不对称发展驱动，可达经济波动成本的数倍。
Abstract The gains from monetary policy cooperation depend on real and financial distortions in the economy and evolve dynamically with prevailing economic conditions. We show that, with international trade in assets, these gains are driven by asymmetric cross-border developments in productivity and savings, and can reach multiples of the cost of economic fluctuations. When financial flows are restricted to nonstate-contingent bonds, the gains from cooperation grow with the size of global imbalances, i.e. net-foreign-asset positions.