Arbeitspapier
Financial globalization and monetary policy
Recent data show substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model shows that monetary policy takes on new importance due to its impact on nominal asset returns. Nevertheless, the case for price stability as an optimal monetary rule remains. In fact, it is reinforced. Even without nominal price rigidities, price stability is optimal because it enhances the risk sharing properties of nominal bonds.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Paper Series 1 ; No. 2008,20
- Klassifikation
-
Wirtschaft
Open Economy Macroeconomics
Central Banks and Their Policies
Monetary Policy
- Thema
-
Portfolio Choice
International Risk Sharing
Exchange Rate
Internationaler Finanzmarkt
Rentenmarkt
Portfolio-Management
Investitionsrisiko
Geldpolitik
Preisniveaustabilität
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Devereux, Michael B.
Sutherland, Alan
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Devereux, Michael B.
- Sutherland, Alan
- Deutsche Bundesbank
Entstanden
- 2008
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