countries. The model contains two types of spillovers between destination countries: a terms-of-trade externality and a welfare …-policy externality. We show that while coordination unambiguously increases welfare of the destination countries, the effects on the …

to improve the welfare of the exporting country, as well as its international terms of trade and export revenues. …

and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting … to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in …

matches the second moments of key variables well. Welfare analysis suggests that dollarization is preferable to alternative … regimes because it removes currency premium volatility. However, a currency board can match dollarization on welfare grounds …

-reducing country. The net welfare effect of improving terms of trade and falling capital stocks is negative in both countries. However …, if the country which unilaterally reduces her emission permits is a net creditor to the world economy, her own welfare …

reduces domestic welfare in the short run because the temporary gains from higher productivity do not compensate domestic … increase, while foreign residents suffer short-run welfare losses but benefit from welfare gains in the long run. This analysis …

We describe the relation between welfare growth and productivity growth. We argue that differences in productivity and … countries. Although, at the global level, productivity growth and welfare growth are two sides of the same coin, at the national … level they are not. The welfare effects of productivity growth in part leak away to consumers in other countries because …