Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008
policy coordination are small, amounting to 0.03 percent of steady-state consumption. Nevertheless, the gains appear to be … various shocks, we show that mark-up shocks are the most important source for gains from international monetary policy … policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and …