Arbeitspapier
The Ramsey cooperative and non-cooperative unconventional monetary policy
I study the Ramsey problem for three unconventional monetary policies in a twocountry model. An equity injection into financial intermediaries is the most efficient policy. Due to precautionary effects of future risk, a central bank should exit from these policies in accordance with but slower than the speed of deleveraging in the financial sector. The optimal policy is changed considerably if cross-country policy cooperation is not imposed. In this case, the unconventional interventions tend to be too strong in one country but too weak in the other. The cooperation gain is a function of policy cost. At last, I evaluate several simple rules and find that the rule responding to gaps in asset prices mimics the optimal policy very well.
- Language
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Englisch
- Bibliographic citation
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Series: FIW Working Paper ; No. 180
- Classification
-
Wirtschaft
Financial Markets and the Macroeconomy
Central Banks and Their Policies
Open Economy Macroeconomics
International Policy Coordination and Transmission
Computational Techniques; Simulation Modeling
- Event
-
Geistige Schöpfung
- (who)
-
Jiang, Shifu
- Event
-
Veröffentlichung
- (who)
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FIW - Research Centre International Economics
- (where)
-
Vienna
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Jiang, Shifu
- FIW - Research Centre International Economics
Time of origin
- 2017
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