摘要：This paper analyzes optimal monetary policy in a two-country model with
asymmetric shocks. Agents insure against risk through the exchange of Arrow-
Debreu securities. Although central banks commit to the policy that maximizes
domestic welfare, this does not lead to price stability. In an attempt to improve
their country’s terms of trade of securities, central banks may choose an
inflationary policy rule in good states. If both central banks do so, the effects on
the terms of trade wash out, leaving both countries worse off. Countries facing
asymmetric shocks may therefore gain from monetary cooperation.
