MONETARY POLICIES IN INTERDEPENDENT ECONOMIES - AN OPEN-ECONOMY EXPLANATION FOR BASE DRIFT AND PRICE-LEVEL NON-TREND-STATIONARITIES

被引：3

作者：

DANIELS, JP ^{[1
]}

VANHOOSE, DD ^{[1
]}

机构：

[1] UNIV ALABAMA,COLL COMMERCE & BUSINESS ADM,TUSCALOOSA,AL 35487

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 1995年 / 14卷 / 02期

关键词：

D O I：

10.1016/0261-5606(94)00003-J

中图分类号：

F8 [财政、金融];

学科分类号：

0202 [应用经济学];

摘要：

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. (JEL E52).

引用

页码：275 / 287

页数：13

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