Name: Finance and Economics Discussion Series: International Policy Spillovers at the Zero Lower Bound (en Inglés)
Price: 102833.00 COP
Availability: InStock
Author: Haberis, Alex ; Lipinska, Anna ; United States Federal Reserve Board
ISBN: 9781288698066

portada Finance and Economics Discussion Series: International Policy Spillovers at the Zero Lower Bound (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Alex Haberis

Anna Lipinska

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.2 cm

Peso

0.08 kg.

ISBN13

9781288698066

Categorías

Política y gobierno

Finance and Economics Discussion Series: International Policy Spillovers at the Zero Lower Bound (en Inglés)

United States Federal Reserve Board (Autor) · Alex Haberis (Autor) · Anna Lipinska (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: International Policy Spillovers at the Zero Lower Bound (en Inglés)"

In this paper, we consider how monetary policy in a large, foreign economy affects optimal monetary policy in a small open economy (home') in response to a large global demand shock that pushes both economies to the zero lower bound (ZLB) on nominal interest rates. We show that the inability of foreign monetary policy to stabilise the foreign economy at the ZLB creates a spillover that affects how well the home policymaker is able to stabilise its own economy. We show that more stimulatory foreign policy worsens the home policymaker's trade-off between stabilising inflation and the output gap when home and foreign goods are close substitutes. This reflects the fact that looser foreign policy leads to a relatively more appreciated home real exchange rate, which induces large expenditure switching away from home goods when goods are highly substitutable--just at a time (at the ZLB) when home policy is trying to boost demand for home goods. When goods are not close substitutes the home policymaker's ability to stabilise the economy benefits from more stimulatory foreign policy.