Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 刘庆教授 (刘佐德全球经济及金融研究所) |
| 刘庆教授 (刘佐德全球经济及金融研究所) |
| 施康教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jdeveco.2013.10.006 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL
其它资讯
摘要Oil price stabilization polices are adopted extensively in developing countries. Some argue that developed economies, especially the US, may gain from these policies through trade. This paper studies this issue in a two-country model with dollar currency pricing. We find that the optimal level of oil price stabilization chosen by developing countries and its implications for global welfare depend critically on whether monetary policy can effectively respond to oil shocks. In an environment without monetary shocks, when optimal monetary policies are considered, there is no role for oil price stabilization in developing countries. However, to make the oil price stabilization policy redundant, optimal monetary policy is not necessary. Some non-optimal endogenous monetary policies satisfying certain conditions can also make the developing countries choose zero oil price stabilization. The results change when there are monetary shocks. Even with optimal monetary policies, the developing countries will choose a positive level of oil price stabilization. However, due to dollar currency pricing, the US actually loses from the stabilization policy. Our results-are well supported by the quantitative analysis in a full-fledged dynamic stochastic general equilibrium model. (C) 20http://aims.cuhk.edu.hk/converis/portal/Publication/13 Elsevier B.V. All rights reserved.
着者Liu Q, Shi K, Wu ZH, Xu JY
会议名称Conference on Imbalances in Economic Development - International Perspectives
会议开始日http://aims.cuhk.edu.hk/converis/portal/Publication/18.http://aims.cuhk.edu.hk/converis/portal/Publication/10.20http://aims.cuhk.edu.hk/converis/portal/Publication/12
会议完结日http://aims.cuhk.edu.hk/converis/portal/Publication/19.http://aims.cuhk.edu.hk/converis/portal/Publication/10.20http://aims.cuhk.edu.hk/converis/portal/Publication/12
会议地点Beijing
期刊名称Journal of Development Economics
出版年份20http://aims.cuhk.edu.hk/converis/portal/Publication/14
月份http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1
出版社Elsevier
页次246 - 260
国际标準期刊号0304-3878
电子国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1872-6089
语言英式英语
关键词Dollar currency pricing; Monetary policy; Oil price stabilization; Welfare
Web of Science 学科类别Business & Economics; Economics
