International heterogeneity of nominal wages and optimal monetary policy

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2023-02-01 DOI:10.1111/infi.12429

Daisuke Ida, Mitsuhiro Okano

引用次数: 0

Abstract

This paper examines optimal monetary policy in a two-country model with staggered nominal prices and wages. We show that given home nominal wage stickiness, changes in the degree of foreign nominal wage stickiness substantially impact the worldwide welfare losses and gains from commitment policy. Specifically, the welfare gains from a commitment policy are greatest when nominal wages in both countries are perfectly flexible. However, when nominal wages in the foreign country are stickier, the gains from commitment decrease.

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名义工资的国际异质性与最优货币政策

本文研究了一个名义价格和工资交错的两国模型下的最优货币政策。我们发现，在给定本国名义工资粘性的情况下，外国名义工资粘性程度的变化会对承诺政策带来的全球福利损失和收益产生实质性影响。具体来说，当两国的名义工资都完全灵活时，承诺政策的福利收益是最大的。然而，当外国的名义工资更具粘性时，承诺带来的收益就会减少。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.