Hidden Bibliographic Details
| Other authors / contributors: | Sutherland, Alan, author.
International Monetary Fund. Research Department.
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| ISBN: | 1282392298
9781282392298
1451912951
9781451912951
1462365906
9781462365906
1451997396
9781451997392
9786613820723
6613820725
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| Notes: | Includes bibliographical references (pages 31-32).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on new importance due to its impact on the distribution of returns on nominal assets. Surprisingly, we find an even stronger case for price stability in this environment. Even without nominal rigidities, price stability has a welfare benefit by enhancing the risk sharing capacity of nominal bond returns.
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| Other form: | Print version: Devereux, Michael B. Financial globalization and monetary policy. [Washington, D.C.?] : International Monetary Fund, ©2007
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| Standard no.: | 10.5089/9781451912951.001
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