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Exchange rate misalignment and external imbalances : what is the optimal monetary policy response?
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2023
How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse two-country open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve...
Persistent link: https://www.econbiz.de/10014362654
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The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
Pesenti, Paolo A.; Corsetti, Giancarlo - 2005
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal...
Persistent link: https://www.econbiz.de/10014064656
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Chapter 16. Optimal Monetary Policy in Open Economies
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - In: Handbook of monetary economics : volume 3, (pp. 861-933). 2010
characterizing the optimal policy are not only in domestic output gaps and inflation, but also in misalignments in the terms of trade …
Persistent link: https://www.econbiz.de/10014025626
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International Dimensions of Optimal Monetary Policy
Corsetti, Giancarlo; Pesenti, Paolo A. - 2006
profit risk. In general, optimal rules trade off a larger domestic output gap against lower import prices. Monetary rules in …
Persistent link: https://www.econbiz.de/10014056574
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Optimal monetary policy in open economies
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - Department of Economics, European University Institute - 2010
characterizing the optimal policy are not only in domestic output gaps and inflation, but also in misalignments in the terms of trade …
Persistent link: https://www.econbiz.de/10008868073
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Optimal monetary policy in open economies
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2010
characterizing the optimal policy are not only in domestic output gaps and inflation, but also in misalignments in the terms of trade …
Persistent link: https://www.econbiz.de/10008682891
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The simple geometry of transmission and stabilization in closed and open economies
Corsetti, Giancarlo; Pesenti, Paolo A. - 2005
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal...
Persistent link: https://www.econbiz.de/10010283317
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International dimensions of optimal monetary policy
Corsetti, Giancarlo; Pesenti, Paolo - 2001
profit risk. In general, optimal rules trade off a larger domestic output gap against lower import prices. Monetary rules in …
Persistent link: https://www.econbiz.de/10010283479
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Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2023
How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse two-country open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve...
Persistent link: https://www.econbiz.de/10014374787
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The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
Pesenti, Paolo A.; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2005
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss: optimal...
Persistent link: https://www.econbiz.de/10005049891