Monetary policies in interdependent economies: an open economy explanation for base drift and price-level non-trend-stationarities

Autor:	David D. VanHoose, Joseph P. Daniels
Rok vydání:	1995
Předmět:	Macroeconomics Interdependence Economics and Econometrics Economy media_common.quotation_subject Economics Price level Open economy Base (topology) Finance media_common
Zdroj:	Journal of International Money and Finance. 14:275-287
ISSN:	0261-5606
Popis:	Most nations have experienced ‘base drift’ of their money stocks and associated price-level non-trend-stationarities. Recent explanations for this fact have emphasized tensions among various possible objectives of central banks in closed-economy or small-open-economy frameworks. In contrast, this paper explores structural and policy interdependence among economies as an explanation for price-level non-trend-stationarities. It demonstrates that such interdependence can induce central banks to follow non-trend-stationary policies even if they desire only to smooth prices in their home economies.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::79c6f1264378c8ffea03530c1a458b8c https://doi.org/10.1016/0261-5606(94)00003-j Zobrazit plný text záznamu Full Text from ScienceDirect