货币政策国际合作中的福利效应

Welfare Effects of International Cooperation in Monetary Policy

给出货币政策溢出效应的理论逻辑,并运用一个修正的开放经济条件下动态新凯恩斯主义两国模型分析两国货币政策国际合作的福利效果,结果表明:合作的福利分配在大国和小国之间具有非均等性,大国可以从合作中增进福利。作为一个日益开放的经济大国,我国开展货币政策的国际合作是一种有利的选择。

This paper explores the theoretical logic of monetary policy spillover effect,and analyses the welfare effects of international cooperation in monetary policy based on an New Keynesian dynamic model of two countries in an open economy.The results show the asymmetry in the distribution of the benefits related to cooperation.Big countries may benefit from cooperation because of their dominant position in cooperation.Hence it’s a good choice for China,an increasingly open economic giant to develop the international cooperation in monetary policy.