PARTIAL INTERNATIONAL COORDINATION OF MONETARY POLICIES

부분 조정하에서의 국가간 통화정책 조정

This paper studies a partial coordination situation where a set of countries coordinate their monetary policies among themselves;while the rest of the world choose their policies independently. Using a three-country orewlapping generations model, it is shown that nash partial-coordination equilibrium does not exist. This paper also studies the partial coordination under unanticipated productivity shocks.