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Articles : Perfect Capital Mobility and Optimal Monetary Policy
( Douglas Mctaggart ) 세종대학교 경제통합연구소 1989 Journal of Economic Integration Vol.4 No.2
This paper analyses the effects of perfect capital mobility on the choice of optimal monetary policy rules in a two country game-theoretic setting. The set of Nash equilibrium monetary policies is identified from the set of attainable outcomes. An optimal policy requires the central bank to manage both the exchange rate and, more vigorously, the interest rate. Management of both variables is more vigorous than would occur under an insulating monetary policy. Pursuing an optimal policy yields the unique Pareto optimal outcome as a Nash equilibrium. Explicit policy coordination is not necessary.
Perfect Capital Mobility and Optimal Monetary Policy
McTaggart, Douglas 세종대학교 국제경제연구소 1989 Journal of Economic Integration Vol.4 No.2
This paper analyses the effects of perfect capital mobility on the choice of optimal monetary policy rules in a two country game-theoretic setting. The set of Nash equilibrium monetary policies is identified from the set of attainable outcomes. An optimal policy requires the central bank to manage both the exchange rate and, more vigorously, the interest rate. Management of both variables is more vigorous than would occur under an insulating monetary policy. Pursuing an optimal policy yields the unique Pareto optimal outcome as a Nash equilibrium. Explicit policy coordination is not necessary.