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：2004
出版社：European Central Bank
摘要：The international welfare e®ects of a country's monetary policy shocks have been controversial in the new open economy macro (i.e., NOEM) literature. While a unilateral monetary expansion increases the production e±ciency in each country, it a®ects the terms of trade in favor of one country against another depending on the currencies of price setting. In this paper, we incorporate multiple stages of production and trade into a standard NEOM model to capture world production interdependence, and show that increased world production interdependence tends to magnify the e±ciency-improvement e®ect while dampening the terms-of-trade e®ect. As a consequence, a unilateral monetary expansion can be mutually bene¯cial regardless of in which currency prices are set. In this sense, international monetary policy transmission may not be a source of potential con°ict in a world with production interdependence.
关键词：Stages of processing; Monopolistic competition; Local currency pricing; Welfare
