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| Author: | Berger, W. |
| Title: | Optimal monetary policy and sectoral shocks: Is international monetary cooperation beneficial? |
| Journal: | Scandinavian Journal of Economics
2007 : VOL. 109:2, p. 267-290 |
| Index terms: | monetary policy coordination welfare models |
| Freeterms: | sectoral shocks |
| Language: | eng |
| Abstract: | To explore the welfare effects of optimal monetary policy (hereafter as: mon-pol.) and the potential benefits of policy coordination, a stochastic general-equilibrium model is used. Dealt with are cross-country perfectly symmetric shocks in the traded goods sectors and imperfectly correlated shocks in the non-traded goods sectors. In this context, mon-pol. does possibly not achieve efficient sectoral resource allocations within countries, avoiding inefficient relative price changes across countries etc. |
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