Policy instrument choice and non-coordinated monetary in interdependent economies

Arbeitspapier

Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal interest rate rules. In general the non-coordinated equilibrium differs between the two types of policy rule but a number of special cases are identified where the equilibria are identical. The endogenous choice of policy instrument is analysed and the Nash equilibrium in the choice of policy instrument is shown to depend on the interest elasticity of money demand.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Discussion Paper Series 1 ; No. 2004,03

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; International Policy Coordination and Transmission ; Central Banks and Their Policies
• Thema: Monetary policy ; money supply rules ; interest rate rules ; Geldpolitik ; Zwei-Länder-Modell ; Allgemeines Gleichgewicht ; Geldmengensteuerung ; Zinspolitik ; Wohlfahrtseffekt ; Theorie ; Dynamisches Spiel ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Lombardo, Giovanni ; Sutherland, Alan
• Ereignis: Veröffentlichung
• (wer): Deutsche Bundesbank
• (wo): Frankfurt a. M.
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/19470
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ