期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2003
出版社：European Central Bank
摘要：This study analyzes international monetary policy cooperation in a two- country dynamic general equilibrium model with nominal rigidities, monop- olistic competition and producer currency pricing. A quadratic approxima- tion to the utility of the consumers is derived and assumed as the policy objective function of the policymakers. It is shown that only under special conditions there are no gains from cooperation and moreover that the paths of the exchange rate and prices in the constrained-e±cient solution depend on the kind of disturbance that a®ects the economy. It might be the case either for ¯xed or °oating exchange rates. Despite this result, simple targeting rules that involve only targets for the growth of output and for both domestic GDP and CPI in°ation rates can replicate the cooperative allocation.
