Optimal monetary rules and internationalized production

Lilia Cavallari

11 citations0/0 files storedInternational Journal of Finance & Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

Abstract This paper explores the implications of international location of production for the optimal design of monetary policy in a framework that allows for price discrimination across international markets. By introducing multinational production in a dynamic open economy, the paper shows that optimal monetary rules do not react to foreign cyclical conditions. The paper further shows that non‐cooperative monetary rules cannot restore the flexible price allocation while international monetary cooperation can do so. Copyright © 2004 John Wiley & Sons, Ltd.

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References

1995Exchange Rate Dynamics Redux 1996Goods Prices and Exchange Rates: What Have We Learned?1995The handbook of international economics 2005Exchange Rate Pass-Through into Import Prices 1995How Wide is the Border?1986Pricing to Market when the Exchange Rate Changes 1999New Directions for Stochastic Open Economy Models 2001Welfare and Macroeconomic Interdependence

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