✦ LIBER ✦

Optimal monetary rules and internationalized production

✍ Scribed by Lilia Cavallari

Publisher: John Wiley and Sons
Year: 2004
Tongue: English
Weight: 134 KB
Volume: 9
Category: Article
ISSN: 1076-9307
DOI: 10.1002/ijfe.240

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✦ Synopsis

Abstract

This paper explores the implications of international location of production for the optimal design of monetary policy in a framework that allows for price discrimination across international markets. By introducing multinational production in a dynamic open economy, the paper shows that optimal monetary rules do not react to foreign cyclical conditions. The paper further shows that non‐cooperative monetary rules cannot restore the flexible price allocation while international monetary cooperation can do so. Copyright © 2004 John Wiley & Sons, Ltd.

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