2007, English, Article, Working paper edition: Financial globalization and monetary policy [electronic resource] / prepared by Michael B. Devereux and Alan Sutherland. Devereux, Michael B.

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Financial globalization and monetary policy / prepared by Michael B. Devereux and Alan Sutherland
 
Bookmark: http://trove.nla.gov.au/version/217930863
Physical Description
  • 1 online resource (32 pages) : illustrations.
Published
  • [Washington, D.C.?] : International Monetary Fund, ©2007.
Language
  • English

Edition details

Title
  • Financial globalization and monetary policy /​ prepared by Michael B. Devereux and Alan Sutherland.
Author
  • Devereux, Michael B.
Other Authors
  • Sutherland, Alan.
  • International Monetary Fund. Research Department
Published
  • [Washington, D.C.?] : International Monetary Fund, ©2007.
Medium
  • [electronic resource]
Content Types
  • text
Carrier Types
  • online resource
Physical Description
  • 1 online resource (32 pages) : illustrations.
Series
Subjects
Summary
  • What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Surprisingly, we find an even stronger case for price stability in this environment. Even without nominal rigidities, price stability has a welfare benefit by enhancing the risk sharing capacity of nominal bond returns.
Notes
  • "December 2007."
  • At head of title: Research Department.
  • Includes bibliographical references (pages 31-32)
  • Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
  • digitized 2010 HathiTrust Digital Library committed to preserve
Access Conditions
  • Use copy.
Other Form
  • Print version Devereux, Michael B. Financial globalization and monetary policy. [Washington, D.C.?] : International Monetary Fund, ©2007
Technical Details
Language
  • English
ISBN
  • 9781282392298
Libraries Australia ID
Contributed by
Libraries Australia

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