Price Stability in Open Economies ∗

@inproceedings{Benigno2002PriceSI,
  title={Price Stability in Open Economies ∗},
  author={Gianluca Benigno and Pierpaolo Benigno},
  year={2002}
}
This paper studies the theoretical conditions under which price stability is the optimal policy in a two-country open-economy model with imperfect competition and price stickiness. Special conditions on the levels of country-specific distortionary taxation and the intratemporal and intertemporal elasticities of substitution need to be satisfied. These restrictions apply to both cooperative and non-cooperative settings. Importantly, we show that cooperative and noncooperative solutions do not… CONTINUE READING
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