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Do We Really Need a New International Monetary Compact? / Maurice Obstfeld, Kenneth Rogoff.
- Format:
- Book
- Author/Creator:
- Obstfeld, Maurice.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w7864.
- NBER working paper series no. w7864
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2000.
- Summary:
- In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms? Surprisingly, the answer may be no. Under plausible conditions, as domestic rules improve and international financial markets become more complete, the Nash and cooperative monetary rule setting games converge. We base our analysis on a utility-theoretic sticky-wage (new open economy macroeconomics) model; the question we pose simply could not have been adequately formulated using earlier models of monetary cooperation.
- Notes:
- Print version record
- August 2000.
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