|
on Central and Western Asia |
By: | Raghbendra Jha; Hari K. Nagarajan; Subbarayan Prasanna |
Keywords: | Length (pages): 37 |
Date: | 2005 |
URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2005-01&r=cwa |
By: | Ugo Panizza (Research Department, Inter-American Development Bank); Eduardo Levy-Yeyati (Universidad Torcuato Di Tella); Alejandro Micco (Research Department, Inter-American Development Bank) |
Abstract: | Missing abstract. |
Date: | 2004–03 |
URL: | http://d.repec.org/n?u=RePEc:idb:wpaper:1014&r=cwa |
By: | Marco Celentani; J. Ignacio Conde-Ruiz; Klaus Desmet |
Abstract: | This paper uses an overlapping generations model to analyze monetary policy in a two-country model with asymmetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that maximizes domestic welfare. In an attempt to improve their country's terms of trade of securities, central banks may choose to commit to costly inflation in favorable states of nature. In equilibrium the effects on the terms of trade wash out, leaving both countries worse off. Countries facing asymmetric shocks may therefore gain from monetary cooperation. |
URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2004-12&r=cwa |
By: | Faruk Gul; Wolfgang Pesendorfer |
Date: | 2005–03–16 |
URL: | http://d.repec.org/n?u=RePEc:cla:najeco:666156000000000635&r=cwa |
By: | Muhamet Yildiz |
Date: | 2005–03–11 |
URL: | http://d.repec.org/n?u=RePEc:cla:najeco:666156000000000598&r=cwa |