Financial globalization and monetary policy / Michael B. Devereux, Alan Sutherland.
Tipo de material:
TextoSeries Discussion paper (Deutsche Bundesbank). Series 1: economic studies ; no. 20/2008Detalles de publicación: Frankfurt am Main : Deutsche Bundesbank, 2008Descripción: 39 pISBN: - 9783865585450
- 21 332.46
| Tipo de ítem | Biblioteca actual | Signatura topográfica | Estado | Fecha de vencimiento | Código de barras | |
|---|---|---|---|---|---|---|
Documento
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Biblioteca Manuel Belgrano | F 332.46 D 15006 (Navegar estantería(Abre debajo)) | Disponible | 15006 F |
Bibliografía: p. 22-28.
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.
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