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Capital Mobility, Consumption Substitutability, and the Effectiveness of Monetary Policy in Open Economies

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dc.creator Pierdzioch, Christian
dc.date 2002
dc.date.accessioned 2013-10-16T06:56:42Z
dc.date.available 2013-10-16T06:56:42Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17777
dc.identifier ppn:349323186
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17777
dc.description This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effectiveness of monetary policy in open economies. The model shows that the substitutability of goods produced in different countries plays a central role for the impact of international capital mobility on the effectiveness of monetary policy. Paralleling the results of the traditional Mundell-Fleming model, a higher degree of international capital mobility increases the effectiveness of monetary policy only if the Marshall-Lerner condition, which is linked to the cross-country substitutability of goods, holds.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1110
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F41
dc.subject F32
dc.subject F36
dc.subject ddc:330
dc.subject Monetary policy
dc.subject Capital mobility
dc.subject Internationale Kapitalmobilität
dc.subject Geldpolitik
dc.subject Wirtschaftspolitische Wirkungsanalyse
dc.subject Produktsubstitution
dc.subject Elastizitätsbedingung
dc.subject Zwei-Länder-Modell
dc.subject Offene Volkswirtschaft
dc.subject Dynamisches Gleichgewicht
dc.subject Theorie
dc.title Capital Mobility, Consumption Substitutability, and the Effectiveness of Monetary Policy in Open Economies
dc.type doc-type:workingPaper


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