期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2010
卷号：1
出版社：Monash University
摘要：This paper investigates how monetary shocks are transmitted internationally. It shows that where a national currency is used as an international medium of exchange, the international money is non-neutral. In particular, an increase in the supply of international money leads to a transfer of real resources to the international money-issuing country from its trading partner. It induces an expansion of the non-tradable sector in the international money-issuing country, and an expansion the tradable sector in its trading partner. The real impact of a monetary shock is greater under a fixed exchange rate system than under a flexible exchange rate system.
关键词：demand for money, demand for international currency, monetary policy, exchange rate, non-neutrality of money
