TY  - BOOK
AU  - Devereux,Michael B.
AU  - Sutherland,Alan
TI  - Financial globalization and monetary policy
T2  - Discussion paper. Series 1: economic studies
SN  - 9783865585450
U1  - 332.46 21
PY  - 2008///
CY  - Frankfurt am Main
PB  - Deutsche Bundesbank
KW  - MERCADOS FINANCIEROS
KW  - POLITICA MONETARIA
KW  - SECTOR FINANCIERO
N1  - Bibliografía: p. 22-28
N2  - Recent data show substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model shows that monetary policy takes on new importance due to its impact on nominal asset returns. Nevertheless, the case for price stability as an optimal monetary rule remains. In fact, it is reinforced. Even without nominal price rigidities, price stability is optimal because it enhances the risk sharing properties of nominal bonds
UR  - http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2008/2008_11_04_dkp_20.pdf?__blob=publicationFile
ER  -