Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212087 
Autor:innen: 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 29/2007
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This paper analyses the international transmission of monetary policy in a case where all export prices are set in US dollars. 'Dollar pricing' implies that the international effects of US monetary shocks are different to those of European shocks because of asymmetric exchange rate pass-through to import prices. A dollar pricing model can explain the observed asymmetry in the transmission of monetary policy: US monetary policy affects US output more than European monetary policy affects European output. I also show that the dollar pricing model reintroduces the current account as an important channel through which monetary policy affects welfare in the short run. The paper concludes that under dollar pricing monetary expansion is a beggar-thy-neighbour policy.
Schlagwörter: 
open economy macroeconomics
monetary policy
international policy transmission
JEL: 
F41
F42
F30
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-407-7
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.