المستودع الأكاديمي جامعة المدينة

Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies

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dc.creator Pierdzioch, Christian
dc.date 2003
dc.date.accessioned 2013-10-16T06:56:20Z
dc.date.available 2013-10-16T06:56:20Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17691
dc.identifier ppn:364355298
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17691
dc.description A dynamic general equilibrium two-country optimizing model is used to analyze the welfare effects of monetary policy in open economies. The distinguishing feature of the model is that households? preferences feature a "keeping up with the Joneses" effect. This effect implies that households? utility depends upon the level of their consumption relative to the aggregate level of consumption. The model implies that, depending on the strength of the "keeping up with the Joneses" effect, an expansive monetary policy can be a "beggar-thyself" policy. Moreover, the welfare effects of monetary policy are asymmetric across countries.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1166
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F42
dc.subject F41
dc.subject ddc:330
dc.subject Monetary policy
dc.subject Consumption externality
dc.subject Welfare effects
dc.subject Geldpolitik
dc.subject Neue Makroökonomik offener Volkswirtschaften
dc.subject Offene Volkswirtschaft
dc.subject Allgemeines Gleichgewicht
dc.subject Konsuminterdependenz
dc.subject Wohlfahrtseffekt
dc.subject Theorie
dc.title Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies
dc.type doc-type:workingPaper


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