Welfare and macroeconomic interdependence
1997
Corsetti, Giancarlo | Pesenti, Paolo A.
The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of macroeconomic interdependence, structural spillovers strategic complementarities with rigorous but intuitive micro-foundations. In contrast with the" traditional literature, our findings emphasize the positive externalities of foreign monetary" expansions and foreign fiscal contractions on domestic welfare, while highlighting the" ambiguous welfare effects of domestic policy shocks.
显示更多 [+] 显示较少 [-]AGROVOC关键词
书目信息
出版者 National Bureau of Economic Research | Cambridge, MA : National Bureau of Economic Research, ©1997