Journal of International Economics
Опубликовано на портале: 11-11-2004Maurice Obstfeld, Kenneth S. Rogoff Journal of International Economics. 2000. Vol. 50. P. 117-153.
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite the potential interplay between imperfections due to sticky wages and monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we show that observed correlations between terms of trade and exchange rates are more consistent with our traditional assumptions about nominal rigidities than with a popular alternative based on local-currency pricing.
Open-Economy Inflation Targeting [статья]
Опубликовано на портале: 01-11-2007Lars E.O. Svensson Journal of International Economics. 2000. Vol. 50. No. 1. P. 155–183 .
The paper examines inflation targeting in a small open economy with forward-looking aggregate supply and demand with microfoundations, and with stylized realistic lags in the different monetary-policy transmission channels. The paper compares strict and flexible targeting of CPI and domestic inflation, and inflation-targeting reaction functions and the Taylor rule. Flexible CPI-inflation targeting does not limit the variability of CPI inflation but also the variability of the output gap and the real exchange rate. Negative productivity supply shocks and positive demand shocks have similar effects on inflation and the output gap, and induce similar monetary policy responses.
Опубликовано на портале: 25-10-2007Guillermo A. Calvo, Enrique Gabriel Estrada Mendoza Journal of International Economics. 2000. Vol. 51. No. 1. P. 79-113.
This paper argues that globalization may promote contagion by weakening incentives forgathering costly information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints, the gain of gathering information at a fixed cost may diminish as markets grow. Moreover, if a portfolio manager's marginal cost for yielding below-market returns exceeds the marginal gain for above-market returns, there is a range of optimal portfolios in which all investors imitate arbitrary market portfolios and this range widens as the market grows. Numerical simulations suggest that these frictions can have significant implications for capital flows in emerging markets