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The role of consumption substitutability in the international transmission of monetary shocks

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Cited by:

  1. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2010. "Optimal Monetary Policy in Open Economies," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 16, pages 861-933, Elsevier.
  2. Gong Liutang & Wang Chan & Zou Heng-Fu, 2020. "Optimal monetary policy in a model of vertical production and trade with reference currency," The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(1), pages 1-21, January.
  3. Bletzinger, Tilman & von Thadden, Leopold, 2017. "Designing QE to overcome the lower bound constraint on interest rates in a fiscally sound monetary union," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168176, Verein für Socialpolitik / German Economic Association.
  4. Ganelli, Giovanni & Tervala, Juha, 2015. "Value of WTO trade agreements in a New Keynesian model," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 347-362.
  5. Tervala, Juha, 2013. "Learning by devaluating: A supply-side effect of competitive devaluation," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 275-290.
  6. Tille, Cédric, 2008. "Financial integration and the wealth effect of exchange rate fluctuations," Journal of International Economics, Elsevier, vol. 75(2), pages 283-294, July.
  7. Ippei Fujiwara & Yuki Teranishi, 2009. "Financial Stability in Open Economies," IMES Discussion Paper Series 09-E-09, Institute for Monetary and Economic Studies, Bank of Japan.
  8. Rudolfs Bems & Robert C. Johnson, 2017. "Demand for Value Added and Value-Added Exchange Rates," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(4), pages 45-90, October.
  9. Corsetti, Giancarlo & Pesenti, Paolo, 2005. "International dimensions of optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 281-305, March.
  10. Pierdzioch, Christian, 2003. "Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies," Kiel Working Papers 1166, Kiel Institute for the World Economy (IfW Kiel).
  11. Giancarlo Corsetti & Paolo Pesenti, 2009. "The Simple Geometry of Transmission and Stabilization in Closed and Open Economies," NBER Chapters, in: NBER International Seminar on Macroeconomics 2007, pages 65-116, National Bureau of Economic Research, Inc.
  12. Ippei Fujiwara & Naohisa Hirakata, 2009. "Dynamic Aspects of Productivity Spillovers, Terms of Trade, and the “Home Market Effect”," IMF Staff Papers, Palgrave Macmillan, vol. 56(4), pages 958-969, November.
  13. Christian Pierdzioch, 2004. "Financial Market Integration And Business Cycle Volatility In A Monetary Union," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(3), pages 422-442, August.
  14. Lipińska, Anna & von Thadden, Leopold, 2019. "On The Effectiveness Of Fiscal Devaluations In A Monetary Union," Macroeconomic Dynamics, Cambridge University Press, vol. 23(8), pages 3424-3456, December.
  15. Linda S. Goldberg & Cédric Tille, 2006. "The internationalization of the dollar and trade balance adjustment," Staff Reports 255, Federal Reserve Bank of New York.
  16. Dohwa, Kohjiro, 2014. "Welfare effects of monetary policy in an economy with vertical production and trade: An analysis based on the perspective of local currency pricing," Economic Modelling, Elsevier, vol. 41(C), pages 408-420.
  17. Michael Paetz, 2007. "Robust Control and Persistence in the New Keynesian Economy," Quantitative Macroeconomics Working Papers 20711, Hamburg University, Department of Economics.
  18. Ghironi, Fabio, 2006. "Macroeconomic interdependence under incomplete markets," Journal of International Economics, Elsevier, vol. 70(2), pages 428-450, December.
  19. Garcia-Cebro, Juan A. & Varela-Santamaría, Ramón, 2011. "The international transmission of monetary shocks across developed countries: The role of imported raw materials," Journal of International Money and Finance, Elsevier, vol. 30(8), pages 1791-1813.
  20. Sutherland, Alan, 2002. "International monetary policy coordination and financial market integration," Working Paper Series 174, European Central Bank.
  21. Gabriel Srour, 2004. "Economic Integration, Sectoral Diversification, and Exchange Rate Policy in a Developing Economy," IMF Working Papers 2004/060, International Monetary Fund.
  22. Dohwa, Kohjiro, 2018. "The role of local currency pricing in international transmission effects of corporate tax reduction in an economy with vertical production linkage and foreign direct investment," MPRA Paper 86394, University Library of Munich, Germany.
  23. Bletzinger, Tilman & von Thadden, Leopold, 2021. "Designing QE in a fiscally sound monetary union," European Economic Review, Elsevier, vol. 132(C).
  24. José María Serena & Ricardo Sousa, 2017. "Does exchange rate depreciation have contractionary effects on firm-level investment?," BIS Working Papers 624, Bank for International Settlements.
  25. Tille, Cedric, 2006. "On the distributional effects of exchange rate fluctuations," Journal of International Money and Finance, Elsevier, vol. 25(8), pages 1207-1225, December.
  26. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," NBER Working Papers 29476, National Bureau of Economic Research, Inc.
  27. Coeurdacier, Nicolas, 2009. "Do trade costs in goods market lead to home bias in equities?," Journal of International Economics, Elsevier, vol. 77(1), pages 86-100, February.
  28. Fujiwara, Ippei & Teranishi, Yuki, 2017. "Financial frictions and policy cooperation: A case with monopolistic banking and staggered loan contracts," Journal of International Economics, Elsevier, vol. 104(C), pages 19-43.
  29. Ganelli, Giovanni & Tervala, Juha, 2010. "Public infrastructures, public consumption, and welfare in a new-open-economy-macro model," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 827-837, September.
  30. David Arseneau, 2012. "Expectation traps in a new Keynesian open economy model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(1), pages 81-112, January.
  31. Rüffer, Rasmus & Stracca, Livio, 2006. "What is global excess liquidity, and does it matter?," Working Paper Series 696, European Central Bank.
  32. Tervala, Juha, 2012. "International welfare effects of monetary policy," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 356-376.
  33. Laxton, Douglas & Pesenti, Paolo, 2003. "Monetary rules for small, open, emerging economies," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1109-1146, July.
  34. Dohwa, Kohjiro, 2018. "The role of local currency pricing in international transmission effects of monetary and productivity shocks in an economy with vertical production linkage and firm entry," MPRA Paper 86351, University Library of Munich, Germany.
  35. Caroline Schmidt, 2006. "International transmission effects of monetary policy shocks: can asymmetric price setting explain the stylized facts?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(3), pages 205-218.
  36. Christoph Bierbrauer, 2017. "Fiscal policy transmission in a non-Ricardian model of a monetary union," IEER Working Papers 109, Institute of Empirical Economic Research, Osnabrueck University.
  37. repec:zbw:bofrdp:2009_008 is not listed on IDEAS
  38. Dohwa, Kohjiro, 2024. "The role of local currency pricing in the international transmission effects of a government spending shock in an economy with vertical production linkage and foreign direct investment," Journal of Macroeconomics, Elsevier, vol. 80(C).
  39. Bianca De Paoli, 2009. "Monetary Policy under Alternative Asset Market Structures: The Case of a Small Open Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1301-1330, October.
  40. Hristov, Nikolay & Hülsewig, Oliver & Wollmershäuser, Timo, 2020. "Capital flows in the euro area and TARGET2 balances," Journal of Banking & Finance, Elsevier, vol. 113(C).
  41. Mykhaylova Olena, 2011. "Welfare Implications of Regional Asymmetries in a Monetary Union," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-43, December.
  42. Rebecca Hellerstein & Sofia Berto Villas-Boas, 2006. "Arm's-length transactions as a source of incomplete cross-border transmission: the case of autos," Staff Reports 251, Federal Reserve Bank of New York.
  43. Okano, Eiji, 2007. "Inflation-output trade-offs in an optimization-based econometric framework applied to an open economy: The case of Japan," Journal of Asian Economics, Elsevier, vol. 18(1), pages 98-124, February.
  44. Berger, Wolfram, 2006. "International interdependence and the welfare effects of monetary policy," International Review of Economics & Finance, Elsevier, vol. 15(4), pages 399-416.
  45. Chan Wang & Heng-fu Zou, 2013. "On the efficiency of monetary and fiscal policy in open economies," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 179-206, May.
  46. David Bowman & Brian M. Doyle, 2003. "New Keynesian, open-economy models and their implications for monetary policy," International Finance Discussion Papers 762, Board of Governors of the Federal Reserve System (U.S.).
  47. Engler, Philipp & Tervala, Juha, 2011. "Beggar-thyself or beggar-thy-neighbour? The welfare effects of monetary policy," Economic Modelling, Elsevier, vol. 28(4), pages 2034-2040, July.
  48. Fabio Rumler, 2007. "Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries," Open Economies Review, Springer, vol. 18(4), pages 427-451, September.
  49. Fujiwara, Ippei & Wang, Jiao, 2017. "Optimal monetary policy in open economies revisited," Journal of International Economics, Elsevier, vol. 108(C), pages 300-314.
  50. Michaelis, Jochen, 2006. "Optimal monetary policy in the presence of pricing-to-market," Journal of Macroeconomics, Elsevier, vol. 28(3), pages 564-584, September.
  51. Markus Knell, 2002. "Wage Formation in Open Economies and the Role of Monetary and Wage-Setting Institutions," Working Papers 63, Oesterreichische Nationalbank (Austrian Central Bank).
  52. Dohwa, Kohjiro, 2015. "Optimal monetary policy in an economy with vertical production and trade: An analysis based on the perspective of local currency pricing," Japan and the World Economy, Elsevier, vol. 36(C), pages 11-20.
  53. Ganelli, Giovanni & Tervala, Juha, 2010. "Public infrastructures, public consumption, and welfare in a new-open-economy-macro model," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 827-837, September.
  54. Javier Bianchi & Louphou Coulibaly, 2023. "A Theory of Fear of Floating," Working Papers 796, Federal Reserve Bank of Minneapolis.
  55. repec:spo:wpmain:info:hdl:2441/c8dmi8nm4pdjkuc9g708n2m4m is not listed on IDEAS
  56. Ganelli, Giovanni, 2005. "The new open economy macroeconomics of government debt," Journal of International Economics, Elsevier, vol. 65(1), pages 167-184, January.
  57. Bianca De Paoli & Anna Lipinska, 2012. "Capital controls: a normative analysis," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 1-36.
  58. Lane, P.R. & Ganelli, G., 2002. "Dynamic General Equilibrium Analysis: The Open Economy Dimension," CEG Working Papers 20026, Trinity College Dublin, Department of Economics.
  59. Fujiwara, Ippei & Ueda, Kozo, 2013. "The fiscal multiplier and spillover in a global liquidity trap," Journal of Economic Dynamics and Control, Elsevier, vol. 37(7), pages 1264-1283.
  60. repec:onb:oenbwp:y::i:63:b:1 is not listed on IDEAS
  61. Carlos Garcia & Jorge Restrepo & Scott Roger, 2009. "Hybrid Inflation Targeting Regimes1," ILADES-UAH Working Papers inv226, Universidad Alberto Hurtado/School of Economics and Business.
  62. Rebecca Hellerstein, 2004. "Who bears the cost of a change in the exchange rate? The case of imported beer," Staff Reports 179, Federal Reserve Bank of New York.
  63. Rebecca Hellerstein, 2005. "A Decomposition of the Sources of Incomplete Cross-Border Transmission," 2005 Meeting Papers 805, Society for Economic Dynamics.
  64. Juha Tervala, 2019. "U.S. monetary policy and China's exchange rate policy during the great recession," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(1), pages 113-130, January.
  65. Chan Wang & Heng-fu Zou, 2013. "Optimal monetary and tariff policy in open economies," CEMA Working Papers 587, China Economics and Management Academy, Central University of Finance and Economics.
  66. Pitterle, Ingo A. & Steffen, Dirk, 2004. "Welfare effects of fiscal policy under alternative exchange rate regimes: the role of the scale variable of money demand," MPRA Paper 13047, University Library of Munich, Germany, revised Oct 2004.
  67. repec:onb:oenbwp:y::i:102:b:1 is not listed on IDEAS
  68. Christoph Bierbrauer, 2017. "National Fiscal Stimulus Packages And Consolidation Strategies In A Monetary Union," Working Papers 110, Institute of Empirical Economic Research, Osnabrueck University.
  69. repec:spo:wpecon:info:hdl:2441/c8dmi8nm4pdjkuc9g708n2m4m is not listed on IDEAS
  70. Fujiwara, Ippei & Kam, Timothy & Sunakawa, Takeki, 2019. "Sustainable international monetary policy cooperation," Journal of Economic Dynamics and Control, Elsevier, vol. 106(C), pages 1-1.
  71. Schmidt, Sebastian, 2018. "Time-consistent monetary policy, terms of trade manipulation and welfare in open economies," Working Paper Series 2128, European Central Bank.
  72. Müller, Gernot J., 2008. "Understanding the dynamic effects of government spending on foreign trade," Journal of International Money and Finance, Elsevier, vol. 27(3), pages 345-371, April.
  73. repec:hal:spmain:info:hdl:2441/c8dmi8nm4pdjkuc9g708n2m4m is not listed on IDEAS
  74. von Thadden, Leopold & Lipińska, Anna, 2009. "Monetary and fiscal policy aspects of indirect tax changes in a monetary union," Working Paper Series 1097, European Central Bank.
  75. repec:rdg:wpaper:em-dp2007-47 is not listed on IDEAS
  76. Leonor Coutinho, 2005. "Fiscal Policy in the New Open Economy Macroeconomics and Prospects for Fiscal Policy Coordination," Journal of Economic Surveys, Wiley Blackwell, vol. 19(5), pages 789-822, December.
  77. Craighead, William D., 2024. "Exchange rates and monetary policy when tradable and nontradable goods are complements," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 297-309.
  78. Christoph Bierbrauer, 2017. "Fiscal policy transmission in a non-Ricardian model of a monetary union," Working Papers 109, Institute of Empirical Economic Research, Osnabrueck University.
  79. Prasad, Nalini, 2018. "Sterilized interventions and capital controls," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 101-121.
  80. Bianca De Paoli, 2009. "Monetary Policy under Alternative Asset Market Structures: The Case of a Small Open Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1301-1330, October.
  81. Corsetti, Giancarlo, 2007. "New Open Economy Macroeconomics," CEPR Discussion Papers 6578, C.E.P.R. Discussion Papers.
  82. Ahmad, Yamin & Lo, Ming Chien & Mykhaylova, Olena, 2013. "Volatility and persistence of simulated DSGE real exchange rates," Economics Letters, Elsevier, vol. 119(1), pages 38-41.
  83. Linda S. Goldberg & Cédric Tille, 2006. "The International Role of the Dollar and Trade Balance Adjustment," NBER Working Papers 12495, National Bureau of Economic Research, Inc.
  84. repec:hal:wpspec:info:hdl:2441/c8dmi8nm4pdjkuc9g708n2m4m is not listed on IDEAS
  85. Mykhaylova, Olena, 2009. "Welfare implications of country size in a monetary union," MPRA Paper 23323, University Library of Munich, Germany.
  86. Leonor Coutinho, 2003. "Fiscal Policy in the New Open Economy. Macroeconomics and Prospects for Fiscal Policy Coordination," Economics Working Papers 021, European Network of Economic Policy Research Institutes.
  87. Cuciniello, Vincenzo, 2013. "Large labour unions and terms-of-trade externality," Economics Letters, Elsevier, vol. 120(1), pages 135-138.
  88. Carlos Garcia & Jorge Restrepo & Mr. Scott Roger, 2009. "Hybrid Inflation Targeting Regimes," IMF Working Papers 2009/234, International Monetary Fund.
  89. Christoph Bierbrauer, 2017. "National Fiscal Stimulus Packages And Consolidation Strategies In A Monetary Union," IEER Working Papers 110, Institute of Empirical Economic Research, Osnabrueck University.
  90. De Paoli, Bianca, 2009. "Monetary policy and welfare in a small open economy," Journal of International Economics, Elsevier, vol. 77(1), pages 11-22, February.
  91. Juan Garcia-Cebro & Ramon Varela-Santamaria, 2011. "Imperfect Intersectoral Labor Mobility and Monetary Shocks in a Small Open Economy," Open Economies Review, Springer, vol. 22(4), pages 613-633, September.
  92. Massimo Giuliodori, "undated". "The Empirical Relevance of a basic sticky-price intertemporal model," Working Papers 2001_17, Business School - Economics, University of Glasgow.
  93. Giancarlo Corsetti & Gernot J. Müller, 2006. "Twin deficits: squaring theory, evidence and common sense [‘Temporary and permanent government spending in an open economy: some evidence for the United Kingdom’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 21(48), pages 598-638.
  94. Gabriel Srour, 2006. "The Implications of Trade Barriers for Sectoral Diversification and Macroeconomic Stability in Developing Economies," IMF Working Papers 2006/050, International Monetary Fund.
  95. Pierdzioch, Christian, 2002. "Capital Mobility, Consumption Substitutability, and the Effectiveness of Monetary Policy in Open Economies," Kiel Working Papers 1110, Kiel Institute for the World Economy (IfW Kiel).
  96. Timmer , Yannick, 2015. "TARGET2 balances and the adjustment of capital flows in the Euro area," European Economic Letters, European Economics Letters Group, vol. 4(1), pages 15-19.
  97. Gianluca Benigno & Bianca De Paoli, 2010. "On the International Dimension of Fiscal Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(8), pages 1523-1542, December.
  98. Jean‐Philippe Gervais & Bruno Larue, 2009. "A joint test of market power, menu costs, and currency invoicing," Agricultural Economics, International Association of Agricultural Economists, vol. 40(1), pages 29-41, January.
  99. Dudley Cooke, 2010. "Openness and Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 267-287, March.
  100. Garcia, Carlos J. & Restrepo, Jorge E. & Roger, Scott, 2011. "How much should inflation targeters care about the exchange rate?," Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1590-1617.
  101. Wang, Chenxi, 2023. "A model of international currency with private information," Journal of International Money and Finance, Elsevier, vol. 131(C).
  102. Forlati, Chiara, 2015. "On the benefits of a monetary union: Does it pay to be bigger?," Journal of International Economics, Elsevier, vol. 97(2), pages 448-463.
  103. Ganelli, Giovanni & Tervala, Juha, 2009. "Public infrastructures, public consumption and welfare in a new open economy macro model," Bank of Finland Research Discussion Papers 8/2009, Bank of Finland.
  104. Chiara Forlati, 2007. "On the Benefits of a Monetary Union: Does it Pay to Be Bigger?," Working Papers 201303, Center for Fiscal Policy, Swiss Federal Institute of Technology Lausanne, revised Jul 2012.
  105. Laura Povoledo, 2007. "Volatility of the Tradeable and Non-Tradeable Sectors: Theory and evidence," Economic Analysis Research Group Working Papers earg-wp2007-10, Henley Business School, University of Reading.
  106. De Fiore, Fiorella & Liu, Zheng, 2005. "Does trade openness matter for aggregate instability?," Journal of Economic Dynamics and Control, Elsevier, vol. 29(7), pages 1165-1192, July.
  107. Sutherland, Alan, 2006. "The expenditure switching effect, welfare and monetary policy in a small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 30(7), pages 1159-1182, July.
  108. Leonor Coutinho, 2009. "Exchange Rate Policy: The Euro Area, the United States and Asia," International Finance, Wiley Blackwell, vol. 12(3), pages 387-410, December.
  109. Ganelli, Giovanni & Tervala, Juha, 2011. "International transmission of environmental policy: A New Keynesian perspective," Ecological Economics, Elsevier, vol. 70(11), pages 2070-2082, September.
  110. Dudley Cooke, 2004. "Openness and Inflation," Money Macro and Finance (MMF) Research Group Conference 2004 99, Money Macro and Finance Research Group.
  111. Alpaslan AKÇORAOĞLU, 2012. "Yeni Açık Ekonomi Makroiktisat Teorisi ve Para Politikasının Uluslararası Boyutları," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 23(85), pages 57-82.
  112. Kevin X. D. Huang & Zheng Liu, 2005. "Vertical production and trade interdependence and welfare," Working Papers 05-15, Federal Reserve Bank of Philadelphia.
  113. Chan Wang & Heng-fu Zou, 2013. "Optimal monetary policy in open economies: the role of reference currency in vertical production and trade," CEMA Working Papers 586, China Economics and Management Academy, Central University of Finance and Economics.
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