Monetary Cooperation during Global Inflation Surges

• 成果类型: Article
• 署名作者: Fornaro, Luca; Romei, Federica
• 署名单位: Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Centre for Economic Policy Research - UK; University of Oxford
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282; 1944-7981
• DOI: 10.1257/aer.20231018
• 发表日期: 2026-01
• 页码: 164-188
• 关键词: policy coordination; price; dimensions

摘要

We study optimal monetary policy during times of global scarcity of tradable goods. The optimal monetary response entails a surge in inflation, which helps rebalance production toward the tradable sector. While the inflation costs are fully borne domestically, however, the gains in terms of higher supply of tradable goods partly spill over to the rest of the world. National central banks may thus fall into a coordination trap and implement an excessively tight monetary policy causing an unnecessarily sharp global contraction. (JEL E24, E31, E32, E52, F11, F31, F42)