Optimal Monetary Policy in Small Open Economies : Producer Currency Pricing

We establish the share of exports in production as a sufficient statistic for optimal non-cooperative monetary policy. Under financial autarky, markups positively co-move with the export share. For complete markets, markups should be procyclical if the export share is procyclical. When central banks cooperate, markups are constant under complete markets, and countercyclical under financial autarky

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Year of publication:	2019
Authors:	Dmitriev, Mikhail ; Hoddenbagh, Jonathan
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Kleine offene Volkswirtschaft \| Small open economy \| Theorie \| Theory \| Exchange Rate Pass-Through \| Exchange rate pass-through \| Preisrigidität \| Price stickiness \| Wechselkurs \| Exchange rate

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