CHANNELS OF INTERNATIONAL-POLICY TRANSMISSION
成果类型：
Article
署名作者：
VANDERPLOEG, F
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90049-4
发表日期：
1993
页码：
245-267
关键词：
摘要：
Four channels of international budgetary and monetary policy transmission are analysed within the context of nominal wage sluggishness. The first is based on capital gains on holdings of foreign assets. Spill-over effects arising through the second and third channels depend on whether home and foreign goods are gross substitutes or gross complements and on whether the elasticity of intertemporal substitution is less or greater than one. The final channel assumes finite lifetimes and no bequest motive. It departs from debt neutrality in order to give a non-trivial role to wealth effects and current-account dynamics.