Capital Mobility, Consumption Substitutability and the Effects of Monetary Policy in Open Economies

Christian Pierdzioch

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Capital Mobility, Consumption Substitutability and the Effects of Monetary Policy in Open Economies

机译：开放经济中的资本流动性，消费替代性和货币政策的影响

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I use a dynamic general equilibrium two-country optimizing model to analyze the implications of international capital mobility for the short-run effects of monetary policy in an open economy. The model implies that the substitutability of goods produced in different countries plays a central role for the impact of changes in the degree of international capital mobility on the effects of monetary policy. Paralleling the results of the traditional Mundell-Fleming model, a higher degree of international capital mobility magnifies the short-run output effects of monetary policy only if the Marshall-Lerner condition, which is linked to the cross-country substitutability of goods, holds.

机译：我使用动态的一般均衡两国优化模型来分析国际资本流动对开放经济中货币政策的短期影响的影响。该模型表明，不同国家生产的商品的可替代性对于国际资本流动程度的变化对货币政策影响的影响起着核心作用。与传统的蒙代尔-弗莱明模型的结果相类似，更高的国际资本流动性只有在与商品的跨国可替代性相关的马歇尔-勒纳条件成立的情况下，才会放大货币政策的短期产出效应。

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来源
《German economic review》 |2005年第1期|p.79-94|共16页
作者
Christian Pierdzioch;
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作者单位

Kiel Institute for World Economics;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
monetary policy; capital mobility;

机译：货币政策;资本流动;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Capital Mobility, Consumption Substitutability and the Effects of Monetary Policy in Open Economies

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