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Научный семинар ЭФ МГУ: Дмитрий Мухин (Princeton) An Equilibrium Model of the International Price System

Научный семинар ЭФ МГУ: Дмитрий Мухин (Princeton) An Equilibrium Model of the International Price System

Встреча общефакультетского научного семинара состоится во вторник, 20 марта.

Дмитрий Мухин (Princeton), An Equilibrium Model of the International Price System

The currency in which international prices are set is a factor of fundamental importance in international economics: it determines the benefits of floating versus pegged exchange rates and the spillover effects of national monetary policy on other economies. However, the standard assumption in existing models -  that all prices are set in a currency of either the producer or the  consumer - is inconsistent with two basic facts: the dominant status of the dollar in global trade and the radical transformation of the price system over history. In this paper, I develop a general equilibrium multi-country framework with endogenous currency choice that is consistent with these stylized facts and show that despite small costs for exporters, the aggregate effects of currency choice are large. First, I identify a novel source of positive U.S. monetary spillovers on foreign output that can outweigh the standard "beggar-thy-neighbor" effect. Second, I show that an optimal monetary policy implies a partial peg to the dollar, which is consistent with the "fear of floating" and the widespread use of the dollar as an anchor currency seen in the data.

Время: 14:00

Аудитория: 525

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20 Mar 2018