کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066877 1476805 2013 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Labor immobility and the transmission mechanism of monetary policy in a monetary union
ترجمه فارسی عنوان
بی حرکتی کار و مکانیزم انتقال سیاست پولی در یک اتحادیه پولی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- When there is specialization in production a common shock affects similar countries differently.
- The differential effects across the monetary union's countries of a monetary shock are important.
- The fluctuations created by the monetary shocks have lower volatility in the richer countries.

It is believed that a common monetary policy in a monetary union will have identical effects on different countries as long as these countries have identical fundamentals. We show that, when there is specialization in production, the terms of trade react to the shock. The transmission mechanism of a monetary shock has in this case an additional channel, the terms of trade. This is the case even if state contingent assets can be traded across countries. For a reasonable parametrization, the differential on the transmission across countries is quantitatively significant when compared with the effect on the union's aggregates. Monetary shocks create cycles with higher volatility in “poor” countries than in “richer” ones.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 63, October 2013, Pages 28-46
نویسندگان
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