International policy coordination and simple monetary policy rules

Summary This paper studies monetary policy in an optimizing two-country model. We suppose a two-step production process that is associated with vertical trade. Prices of final consumption goods are sticky and pass-through can be incomplete. Monetary authorities should respond to both home and foreig...
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Autor*in:	Berger, Wolfram [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2010

Schlagwörter:	policy coordination policy rule consumer price targeting producer price targeting monetary targeting

Anmerkung:	© Swiss Society of Economics and Statistics 2010

Übergeordnetes Werk:	Enthalten in: Swiss journal of economics and statistics - Cham, Switzerland : Springer Nature Switzerland AG, 1940, 146(2010), 2 vom: 11. Jan., Seite 451-479
Übergeordnetes Werk:	volume:146 ; year:2010 ; number:2 ; day:11 ; month:01 ; pages:451-479

Links:	Volltext

DOI / URN:	10.1007/BF03399323

Katalog-ID:	SPR038347431

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source	Enthalten in Swiss journal of economics and statistics 146(2010), 2 vom: 11. Jan., Seite 451-479 volume:146 year:2010 number:2 day:11 month:01 pages:451-479
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author	Berger, Wolfram
spellingShingle	Berger, Wolfram misc policy coordination misc policy rule misc consumer price targeting misc producer price targeting misc monetary targeting International policy coordination and simple monetary policy rules
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title	International policy coordination and simple monetary policy rules
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title_full	International policy coordination and simple monetary policy rules
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title_auth	International policy coordination and simple monetary policy rules
abstract	Summary This paper studies monetary policy in an optimizing two-country model. We suppose a two-step production process that is associated with vertical trade. Prices of final consumption goods are sticky and pass-through can be incomplete. Monetary authorities should respond to both home and foreign shocks in this set-up. Which simple, i.e. non-optimal, targeting rule best supports the welfare maximizing policy hinges critically on the degree of the cross-country interdependence in production and the relative importance of productivity and cost-push shocks. We argue that the relative volatility of productivity and cost-push shocks determines whether the monetary authority should follow a price targeting rule whereas the degree of vertical integration determines which simple price targeting rule (producer or consumer price index targeting) is best. © Swiss Society of Economics and Statistics 2010
abstractGer	Summary This paper studies monetary policy in an optimizing two-country model. We suppose a two-step production process that is associated with vertical trade. Prices of final consumption goods are sticky and pass-through can be incomplete. Monetary authorities should respond to both home and foreign shocks in this set-up. Which simple, i.e. non-optimal, targeting rule best supports the welfare maximizing policy hinges critically on the degree of the cross-country interdependence in production and the relative importance of productivity and cost-push shocks. We argue that the relative volatility of productivity and cost-push shocks determines whether the monetary authority should follow a price targeting rule whereas the degree of vertical integration determines which simple price targeting rule (producer or consumer price index targeting) is best. © Swiss Society of Economics and Statistics 2010
abstract_unstemmed	Summary This paper studies monetary policy in an optimizing two-country model. We suppose a two-step production process that is associated with vertical trade. Prices of final consumption goods are sticky and pass-through can be incomplete. Monetary authorities should respond to both home and foreign shocks in this set-up. Which simple, i.e. non-optimal, targeting rule best supports the welfare maximizing policy hinges critically on the degree of the cross-country interdependence in production and the relative importance of productivity and cost-push shocks. We argue that the relative volatility of productivity and cost-push shocks determines whether the monetary authority should follow a price targeting rule whereas the degree of vertical integration determines which simple price targeting rule (producer or consumer price index targeting) is best. © Swiss Society of Economics and Statistics 2010
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title_short	International policy coordination and simple monetary policy rules
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