haku: @author Holman, J. A. / yhteensä: 1
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| Tekijä: | Holman, J. A. Rioja, F. K. |
| Otsikko: | International transmission of anticipated inflation under alternative exchange-rate regimes |
| Lehti: | Journal of International Money and Finance
2001 : AUG, VOL. 20:4, p. 497-520 |
| Asiasana: | INFLATION EXCHANGE RATES FINANCE |
| Kieli: | eng |
| Tiivistelmä: | This paper studies the international transmission of anticipated inflation. A two-country, two-good, two- currency, cash-in-advance model is used to examine analytically and numerically the consequences of changes in a country's inflation rate. Domestic monetary policy influences real activity at home through an inflation-tax channel. These real effects are transmitted to the foreign country via fluctuations in the real exchange rate. Under a flexible nominal exchange rate, inflation is a beggar-thy- neighbor policy. Under a fixed nominal exchange rate, each country suffers a welfare loss when one country inflates. The quantitative results are fairly insensitive to variations in the cash-credit mix used to finance investment expenditures. |
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