Monetary policy during unbalanced global recoveries
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- dc.contributor.author Fornaro, Luca
- dc.contributor.author Romei, Federica
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:51Z
- dc.date.available 2024-11-14T10:09:51Z
- dc.date.issued 2022-01-02
- dc.date.modified 2024-11-14T10:08:23Z
- dc.description.abstract We study optimal monetary policy during times of exceptionally high global demand for tradable goods, relative to non-tradable ones. The optimal monetary response entails a rise in inflation, which helps rebalance production towards the tradable sector. While the inflation costs are fully bore domestically, however, the gains in terms of higher supply of tradable goods partly spill over to the rest of the world. National central banks may thus fall into a coordination trap, and implement an excessively tight monetary policy causing an unnecessarily sharp global contraction.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1814
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68626
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1814
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword asymmetric shocks
- dc.subject.keyword reallocation
- dc.subject.keyword monetary policy
- dc.subject.keyword international monetary cooperation
- dc.subject.keyword inflation
- dc.subject.keyword global supply shortages
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Monetary policy during unbalanced global recoveries
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper