La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?

This paper discusses the possibility of international monetary policy coordination in response to symmetric disturbances. The results show, as expected, that coordination is always useful to deal with monetary shocks. But coordination is not always the best response against real shocks, since the cooperative solution may be counterproductive when aggregate supply is relatively rigid. Finally, the benefits of coordination become evident under supply shocks, because cooperation minimizes the cost of applying an inappropriate economic policy. To conclude, the advantages of monetary policy coordination would appear clearer when monetary and supply shocks would prevail.