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Federal Reserve Bank of Dallas
Globalization Institute Working Papers
Optimal monetary policy in a two country model with firm-level heterogeneity
Dudley Cooke
Abstract

This paper studies non-cooperative monetary policy in a two country general equilibrium model where international economic integration is endogenised through firm-level heterogeneity and monopolistic competition. Economic integration between countries is a source of policy competition, generating higher long-run inflation, and increased gains from monetary cooperation.


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Dudley Cooke, Optimal monetary policy in a two country model with firm-level heterogeneity, Federal Reserve Bank of Dallas, Globalization Institute Working Papers 104, 2012.
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Keywords: Price levels ; Macroeconomics - Econometric models
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