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/10.1111/j.1467-9396.2007.00688.x |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/10WOS source URL
其它资讯
摘要This paper explores the optimal monetary policy response to domestic and foreign technology shocks in an open economy with vertical structure of production and trade. We find that any stage-specific productivity shock in one country may have a transborder spillover effect on the other country via the vertical trade. So when choosing optimal monetary rules, each monetary authority should respond to both home and foreign productivity shocks. Also, the flexible exchange rate cannot replicate the flexible price equilibrium, even under producer currency pricing, due to price stickiness in multiple stages. We also find that the existence of a transborder spillover effect depends on the currencies of price setting. Finally, vertical trade may affect the value of exchange rate flexibility under PCP and LCP setting.
着者Shi K, Xu JY
期刊名称REVIEW OF INTERNATIONAL ECONOMICS
出版年份2007
月份8
日期1
卷号15
期次3
出版社WILEY-BLACKWELL
页次514 - 537
国际标準期刊号0965-7576
语言英式英语
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
