The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
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NBER Working Paper No. 11341
Issued in May 2005
NBER Program(s): IFM
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss: optimal monetary policy and the welfare gains from macroeconomic stabilization; international transmission of real and monetary shocks and the role of exchange rate pass-through; the design of optimal exchange rate regimes and monetary coordination among interdependent economies.
Published: Comment, Richard Clarida, in NBER International Seminar on Macroeconomics 2007 (2008), University of Chicago Press
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