Arbeitspapier
Beggar-thyself or beggar-thy-neighbour? The welfare effects of monetary policy
This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If the cross-country substitutability is low, then monetary expansion is a beggar-thyself policy that reduces domestic welfare and increases foreign welfare (Corsetti & Pesenti 2001; Tille 2001). In this paper, we will show that regardless of whether the cross-country substitutability is high or low, monetary expansion is always a beggar-thyself policy in the short run.
- ISBN
-
978-3-941240-18-6
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge ; No. 2010/6
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Monetary Policy
International Finance: General
Open Economy Macroeconomics
- Thema
-
Open economy macroeconomics
monetary policy
beggar-thyself
beggar-thy-neighbour
Geldpolitik
Konjunkturzusammenhang
Offene Volkswirtschaft
Wohlfahrtseffekt
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Tervala, Juha
Engler, Philipp
- Ereignis
-
Veröffentlichung
- (wer)
-
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
- (wo)
-
Berlin
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Tervala, Juha
- Engler, Philipp
- Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
Entstanden
- 2010
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