Arbeitspapier

Beggar-thyself or beggar-thy-neighbour? The welfare effects of monetary policy

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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

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Tervala, Juha
  • Engler, Philipp
  • Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft

Entstanden

  • 2010

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