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dc.contributor.author Pappa, Evi
dc.contributor.other Galí, Jordi, 1961-
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-09-25T02:04:20Z
dc.date.available 2017-09-25T02:04:20Z
dc.date.issued 2001-11-22
dc.identifier B.13419-2011
dc.identifier 978-84-694-3942-5
dc.identifier http://www.tdx.cat/TDX-0315111-142513
dc.identifier http://hdl.handle.net/10803/7597
dc.identifier.uri http://hdl.handle.net/10230/12133
dc.description.abstract The thesis consists of three chapters: Chapter 2 investigates, in the context of a two-country model with monopolistic competition and price stickiness, the implications for macroeconomic stability and the welfare properties of three distinct kinds of monetary policy arrangements: (a)cooperative, (b) noncooperative and (c) monetary union. The cooperative first best can be achieved if domestic inflation is set equal to zero in both countries at all times. In the non cooperative equilibrium welfare is not maximized due to the presence of beggar-thy-neighbor policies with the costs of non-cooperation increasing with the degree of openness of the economy. A monetary unión is welfare-improving relative to non cooperation only for countries that have strong trading links. In chapter 3 (co-authored with Katharine Neiss), we investigate the propagation mechanism of monetary shocks in an otherwise standard sticky price model, modified to incorporate factor hoarding in the form of variable capital utilisation rates and labour effort. In contrast, to previous studies, we find that real effects of monetary shocks can be generated at relatively low degrees of nominal rigidities. Factor hoarding enriches the propagation mechanism, by flattening the marginal cost responses to monetary shocks. The assumption of labour hoarding is crucial for generating persistence, while the assumption of variable capital utihsation allows us to generate reahstic investment volatility without having to introduce capital adjustment costs. Finally, Chapter 4 investigates whether monetary pohcy in a currency area should stabilize an aggregate of inflation and output or whether it should take into account the dispersion of these variables across regions when the currency area is characterized by asymmetric shocks across regions and when participation constraints define the set of feasible policies. We find that even if the two regions are identical, asymmetric shocks might create asymmetric responses of regional variables. Participation constraints introduce a trade-oíf between eíficiency and incentives in settings with lack of a strong enforcement technology. In order to deal with incentive problems the central bank has to manipulate the future consunption paths by adopting a more expansionary policy with respect to regional productivity shocks.
dc.format application/pdf
dc.language.iso eng
dc.publisher Universitat Pompeu Fabra
dc.rights ADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.
dc.rights info:eu-repo/semantics/openAccess
dc.source TDX (Tesis Doctorals en Xarxa)
dc.title Essays on monetary economics
dc.type info:eu-repo/semantics/doctoralThesis
dc.type info:eu-repo/semantics/publishedVersion
dc.date.modified 2017-09-23T09:24:58Z
dc.subject.keyword Política monetaria
dc.subject.keyword Macroeconomia
dc.subject.keyword Modelos matemáticos
dc.subject.keyword Política monetària
dc.subject.keyword Models matemàtics
dc.subject.keyword 33


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