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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Schmidt, Caroline | en |
dc.date.accessioned | 2011-11-01T13:36:34Z | - |
dc.date.available | 2011-11-01T13:36:34Z | - |
dc.date.issued | 2005 | - |
dc.identifier.pi | doi:10.3929/ethz-a-004957474 | en |
dc.identifier.uri | http://hdl.handle.net/10419/50814 | - |
dc.description.abstract | How does an unexpected domestic monetary expansion affect the foreign economy? Does it induce an increase or a decline in foreign production? In the traditional two-country Mundell-Fleming model, monetary policy has beggar-thy-neighbor effects. Yet, empirical evidence from VARs indicates that U.S. monetary policy has positive international transmission effects on both foreign (non-U.S. G-7) output and aggregate demand. In this paper, I will show that a two-country dynamic general equilibrium model with sticky prices can account for these stylized facts if we allow for international asymmetries in the price-setting behavior of firms. If U.S. firms set export prices in their own currency only (producer-currency pricing), whereas producers in the rest of the world price their exports to the U.S. in the local currency of the export market (local-currency pricing), a U.S. monetary expansion is found to increase output and aggregate demand abroad. | en |
dc.language.iso | eng | en |
dc.publisher | |aETH Zurich, KOF Swiss Economic Institute |cZurich | en |
dc.relation.ispartofseries | |aKOF Working Papers |x102 | en |
dc.subject.jel | F41 | en |
dc.subject.jel | E52 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Local-currency pricing | en |
dc.subject.keyword | Producer-currency pricing | en |
dc.subject.keyword | New Open Economy Macroeconomics | en |
dc.subject.keyword | International transmission effects of monetary policy | en |
dc.subject.stw | Transmissionsmechanismus | en |
dc.subject.stw | Geldpolitik | en |
dc.subject.stw | Betriebliche Preispolitik | en |
dc.subject.stw | Offene Volkswirtschaft | en |
dc.title | International transmission effects of monetary policy shocks: Can asymmetric price setting explain the stylized facts? | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 484751220 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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