Labor immobility and the transmission mechanism of monetary policy in a monetary union
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چکیده
منابع مشابه
Labor immobility and the transmission mechanism of monetary policy in a monetary union
It is believed that a common monetary policy in a monetary union will have identical effects on different countries as long as these countries have identical fundamentals. We show that, when there is specialization in production, the terms of trade react to the shock. The transmission mechanism of a monetary shock has in this case an additional channel, the terms of trade. This is the case even...
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ژورنال
عنوان ژورنال: European Economic Review
سال: 2013
ISSN: 0014-2921
DOI: 10.1016/j.euroecorev.2013.05.003