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- W2000355481 abstract "Most nations have experienced ‘base drift’ of their money stocks and associated price-level non-trend-stationarities. Recent explanations for this fact have emphasized tensions among various possible objectives of central banks in closed-economy or small-open-economy frameworks. In contrast, this paper explores structural and policy interdependence among economies as an explanation for price-level non-trend-stationarities. It demonstrates that such interdependence can induce central banks to follow non-trend-stationary policies even if they desire only to smooth prices in their home economies." @default.
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- W2000355481 date "1995-04-01" @default.
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- W2000355481 title "Monetary policies in interdependent economies: an open economy explanation for base drift and price-level non-trend-stationarities" @default.
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- W2000355481 doi "https://doi.org/10.1016/0261-5606(94)00003-j" @default.
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