Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 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.jinteco.2005.12.007 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/21WOS source URL
其它资讯
摘要This paper derives an optimal monetary policy in a world with a dollar standard, defined as an environment in which all traded goods prices are set in US dollars, so that exchange rate pass-through into the US price level is zero. We show that the US is essentially indifferent to exchange rate volatility, while the rest of the world places a high weight on exchange rate volatility. In a Nash equilibrium of the monetary policy game, US preferences dominate; the equilibrium is identical to one where the US alone chooses world monetary policy. Despite this, we find surprisingly that the US loses from the dollar's role as an international currency, since the absence of exchange rate pass-through leads to inefficient expenditure allocations within the US. Finally, we derive the conditions for a dollar standard to exist. (c) 2006 Elsevier B.V. All rights reserved.
着者Devereux MB, Shi K, Xu JY
期刊名称Journal of International Economics
出版年份2007
月份3
日期8
卷号71
期次1
出版社ELSEVIER SCIENCE BV
页次113 - 132
国际标準期刊号0022-1996
电子国际标準期刊号1873-0353
语言英式英语
关键词asymmetric pricing; dollar standard; monetary policy; reference currency; welfare
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
