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The Simple Geometry of Transmission and Stabilization in Closed and Open Economies


Paolo A. Pesenti


Federal Reserve Bank of New York; National Bureau of Economic Research (NBER)

Giancarlo Corsetti


European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS); University of Rome III - Department of Economics; Centre for Economic Policy Research (CEPR)
May 2005

FRB of New York Research Paper No. 209

Abstract:     
This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal monetary policy and the welfare gains from macroeconomic stabilization, the international transmission of real and monetary shocks and the role of exchange rate pass-through, and the design of optimal exchange rate regimes and monetary coordination among interdependent economies.

Number of Pages in PDF File: 75

Keywords: optimal monetary policy, nominal rigidities, exchange rate pass-through

JEL Classification: E31, E52, F42

working papers series


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Date posted: May 30, 2005  

Suggested Citation

Pesenti, Paolo A. and Corsetti, Giancarlo, The Simple Geometry of Transmission and Stabilization in Closed and Open Economies (May 2005). FRB of New York Research Paper No. 209. Available at SSRN: http://ssrn.com/abstract=730103 or http://dx.doi.org/10.2139/ssrn.730103

Contact Information

Paolo A. Pesenti (Contact Author)
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
212-720-5493 (Phone)
212-720-6831 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Giancarlo Corsetti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) ( email )
Via dei Roccettini 9
via delle Fontanelle 10
50016 San Domenico di Fiesole, Florence 50014
Italy
University of Rome III - Department of Economics ( email )
via Ostiense, 139
Rome, 00154
Italy
+39 06 5737 4056 (Phone)
+39 06 5737 4093 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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