Optimal stabilisation policy in a monetary union: implications of the Mankiw-Weinzierl model

Georgios Karras

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Optimal stabilisation policy in a monetary union: implications of the Mankiw-Weinzierl model

机译：货币联盟中的最佳稳定政策：Mankiw-Weinzierl模型的含义

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This paper uses the Mankiw and Weinzierl (2011) general equilibrium model of optimal stabilisation policy to ask how macroeconomic outcomes are affected by membership in a monetary union. The model agrees with much of the previous literature that the effects of various shocks may be amplified or dampened depending on how the common central bank responds, or fails to respond, to them. This in turn depends on how well (or poorly) correlated the domestic shocks are with their union-wide counterparts. For example, a negative spending shock will be the most recessionary when the shock is confined to the domestic economy, much less (if at all) recessionary when the shock is union wide, and actually expansionary if the shock is restricted to the rest of the union. Fiscal and productivity shocks are characterised by similar properties.

机译：本文使用最佳稳定政策的Mankiw和Weinzierl（2011）一般均衡模型来询问货币联盟成员对宏观经济结果的影响。该模型与许多先前的文献一致，即各种冲击的影响可能会放大或减弱，这取决于中央银行对这些冲击的反应或不响应的方式。反过来，这取决于国内冲击与工会范围内的冲击之间的关联度（或关联度）。例如，当支出限制仅限于国内经济时，消极的支出冲击将是最严重的衰退，而当冲击范围广泛时，消极的支出冲击则要小得多（如果有的话），而如果冲击仅限于其余部分，则实际上是扩张性的。联盟。财政和生产力冲击的特征是相似的。

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来源
《International journal of monetary economics and finance》 |2012年第2期|p.139-152|共14页
作者
Georgios Karras;
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作者单位

Department of Economics, University of Illinois at Chicago, 601 S. Morgan Street, Chicago, IL 60607-7121, USA;

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原文格式 PDF
正文语种 eng
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关键词
optimal stabilisation; monetary policy; monetary unions;

机译：最佳稳定度;货币政策;货币联盟;

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1. Optimal discretionary monetary and fiscal policies in a country-size heterogeneous monetary union [J] . Paulo Vieira, Celsa Machado, Ana Paula Ribeiro Journal of Economic Dynamics and Control . 2018,第AUGa期

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2. Optimum Monetary Policy in European Monetary Union [J] . Mehdi Pedram Business and Economic Research . 2017,第1期

机译：欧洲货币联盟的最佳货币政策
3. Market deregulation and optimal monetary policy in a monetary union [J] . Cacciatore Matteo, Fiori Giuseppe, Ghironi Fabio Journal of International Economics . 2016,第mara期

机译：货币联盟中的市场放松管制和最优货币政策
4. Optimal Macroeconomic Policies in a Monetary Union: A Dynamic Game Analysis [C] . D. Blueschke, R. Neck IFAC Workshop on Control Applications of Optimization . 2016

机译：货币联盟的最佳宏观经济政策：动态游戏分析
5. OPTIMAL GOVERNMENT FINANCIAL POLICY IN A TRANSACTIONS-COST MODEL OF MONEY (MONETARY POLICY, FISCAL POLICY, PUBLIC FINANCE). [D] . CROUSHORE, DEAN DARRELL. 1984

机译：货币交易成本模型中的最佳政府财务政策（货币政策，财政政策，公共财政）。
6. Designing an Optimum Fiscal Policy for Tobacco to Maximise the Tax Revenue Social Savings and the Net Monetary Benefits in Sri Lanka [O] . Sathira Kasun Perera, Bharat Phani Vaikuntam, Denny John, 2020

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

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。

Optimal stabilisation policy in a monetary union: implications of the Mankiw-Weinzierl model

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