Asset Pricing Implications of Monetary Policy Coordination

This paper examines the problem of monetary coordination building on an international sticky-price model. I demonstrate that monetary coordination is associated with a welfare transfer of 0.56%--0.57% of steady-state consumption from the high-openness economy to the low-openness economy. By variance decomposition, I show that policy coordination is associated with more volatile transitory cost-push shocks, while it stabilizes long-run risks in financial markets

Year of publication:	[2022]
Authors:	Fu, Hsuan
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Theorie \| Theory \| CAPM \| Internationale Wirtschaftspolitik \| International economic policy

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