Article ID Journal Published Year Pages File Type
5062143 Economics Letters 2007 6 Pages PDF
Abstract

We propose a decentralized mechanism which internalizes international monetary policy spillovers and eliminates players' incentives to deviate from the efficient outcome. This institution is state-independent which saves redesigning costs and implies that governments need not gather information about the shocks.

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Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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A decentralized and state-independent mechanism for internalizing international monetary policy spillovers
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