Financial Globalization and Monetary Policy /

What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings?. This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomple...

Πλήρης περιγραφή

Λεπτομέρειες βιβλιογραφικής εγγραφής
Κύριος συγγραφέας: Devereux, Michael
Άλλοι συγγραφείς: Sutherland, Alan
Μορφή: Επιστημονικό περιοδικό
Γλώσσα:English
Έκδοση: Washington, D.C. : International Monetary Fund, 2007.
Σειρά:IMF Working Papers; Working Paper ; No. 2007/279
Διαθέσιμο Online:Full text available on IMF
LEADER 01744cas a2200253 a 4500
001 AALejournalIMF009426
008 230101c9999 xx r poo 0 0eng d
020 |c 5.00 USD 
020 |z 9781451868425 
022 |a 1018-5941 
040 |a BD-DhAAL  |c BD-DhAAL 
100 1 |a Devereux, Michael. 
245 1 0 |a Financial Globalization and Monetary Policy /  |c Michael Devereux, Alan Sutherland. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2007. 
300 |a 1 online resource (32 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings?. This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Surprisingly, we find an even stronger case for price stability in this environment. Even without nominal rigidities, price stability has a welfare benefit by enhancing the risk sharing capacity of nominal bond returns. 
538 |a Mode of access: Internet 
700 1 |a Sutherland, Alan. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2007/279 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2007/279/001.2007.issue-279-en.xml  |z IMF e-Library