NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Welfare and Macroeconomic Interdependence

Giancarlo Corsetti, Paolo Pesenti

NBER Working Paper No. 6307
Issued in December 1997
NBER Program(s):   IFM

The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of macroeconomic interdependence, structural spillovers strategic complementarities with rigorous but intuitive micro-foundations. In contrast with the" traditional literature, our findings emphasize the positive externalities of foreign monetary" expansions and foreign fiscal contractions on domestic welfare, while highlighting the" ambiguous welfare effects of domestic policy shocks.

download in pdf format
   (1852 K)

email paper

This paper is available as PDF (1852 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w6307

Published: Corsetti, Giancarlo and Paolo Pesenti. "Welfare And Macroeconomic Interdependence," Quarterly Journal of Economics, 2001, v116(2,May), 421-445. citation courtesy of

Users who downloaded this paper also downloaded these:
Corsetti and Pesenti w8230 International Dimensions of Optimal Monetary Policy
Obstfeld and Rogoff w6694 Risk and Exchange Rates
Obstfeld and Rogoff w7313 New Directions for Stochastic Open Economy Models
Obstfeld and Rogoff w4693 Exchange Rate Dynamics Redux
Corsetti, Pesenti, Roubini, and Tille w6889 Competitive Devaluations: A Welfare-Based Approach
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us