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| MonetaryPolicy International Coordination under the Perspective of Global Optimization |
| SUN Guofeng, YIN Hang, CHAI Hang
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The People’s Bank of China
China Export and Credit Insurance Corporation |
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Abstract Based on a two-country game theory model, this paper conducted research on the impact and effectiveness of monetary policy coordination among large open economies with different spill-over effects. The paper finds that when policies are coordinated, there is an improvement in total welfare compared with the scenario when there is no monetary policy coordination. In this context, monetary policies international coordination shows the following characteristics: when making monetary policy decisions, monetary authorities of large open economies will consider the externalities of other large open economies’ monetary policies on domestic economy, under the perspective of global optimization.
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Published: 18 January 2018
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