Financial Globalization and Monetary Policy:
What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplet...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
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Schriftenreihe: | IMF Working Papers
Working Paper No. 07/279 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Surprisingly, we find an even stronger case for price stability in this environment. Even without nominal rigidities, price stability has a welfare benefit by enhancing the risk sharing capacity of nominal bond returns |
Beschreibung: | 1 Online-Ressource (32 p) |
ISBN: | 1451868421 9781451868425 |
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spelling | Devereux, Michael B. Verfasser aut Financial Globalization and Monetary Policy Devereux, Michael B Washington, D.C International Monetary Fund 2007 1 Online-Ressource (32 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/279 What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Surprisingly, we find an even stronger case for price stability in this environment. Even without nominal rigidities, price stability has a welfare benefit by enhancing the risk sharing capacity of nominal bond returns Online-Ausg Sutherland, Alan Sonstige oth http://elibrary.imf.org/view/IMF001/08562-9781451868425/08562-9781451868425/08562-9781451868425.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Devereux, Michael B. Financial Globalization and Monetary Policy |
title | Financial Globalization and Monetary Policy |
title_auth | Financial Globalization and Monetary Policy |
title_exact_search | Financial Globalization and Monetary Policy |
title_exact_search_txtP | Financial Globalization and Monetary Policy |
title_full | Financial Globalization and Monetary Policy Devereux, Michael B |
title_fullStr | Financial Globalization and Monetary Policy Devereux, Michael B |
title_full_unstemmed | Financial Globalization and Monetary Policy Devereux, Michael B |
title_short | Financial Globalization and Monetary Policy |
title_sort | financial globalization and monetary policy |
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