Market deregulation and optimal monetary policy in a monetary union
Market deregulation and optimal monetary policy in a monetary union
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DOI：
10.1016/j.jinteco.2015.11.002
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发表时间：
2016-03-01
影响因子：
3.3
通讯作者：
Ghironi, Fabio
中科院分区：
文献类型：
--
作者：
Cacciatore, Matteo;Fiori, Giuseppe;Ghironi, Fabio
本文讨论了两国货币联盟中产品和劳动力市场放松管制对货币政策的影响，以及内生产品创造和劳动力市场摩擦。我们表明，当两国的监管程度较高时，最优政策需要在长期和整个商业周期内大幅偏离价格稳定。市场改革的调整需要扩张性政策来降低转型成本，但放松管制可以减少静态和动态的低效率，从而在转型完成后使价格稳定变得更加可取。国际同步改革可以消除不对称放松管制所产生的政策权衡。 (C) 2015 Elsevier B.V. 保留所有权利。
This paper addresses the consequences of product and labor market deregulation for monetary policy in a two country monetary union with endogenous product creation and labor market frictions. We show that when regulation is high in both countries, optimal policy requires significant departures from price stability both in the long run and over the business cycle. The adjustment to market reform requires expansionary policy to reduce transition costs, but deregulation reduces static and dynamic inefficiencies, making price stability more desirable once the transition is complete. International synchronization of reforms can eliminate policy tradeoffs generated by asymmetric deregulation. (C) 2015 Elsevier B.V. All rights reserved.