全球流动性陷阱下的国际前瞻指引传导
The international forward guidance transmission under a global liquidity trap
AI总结：
研究在全球流动性陷阱下利用两国新凯恩斯模型分析前瞻指引的国际传导，指出CRRA系数、单边FG及两国FG交互的影响，并说明相同FG期限的政策协调可使双方受益。
摘要：
本文采用一个包含全球流动性陷阱的标准两国新凯恩斯主义模型，定量探讨前瞻指引（FG）对国际货币政策传导的交互效应。首先，我们表明，在母国仅面临零利率下限（ZLB）约束时，常数相对风险厌恶系数（CRRA）的大小对于决定外国经济中的以邻为壑效应和以邻为荣效应十分重要。其次，我们证明，如果母国央行仅面临ZLB，两国都可能从仅实施母国的FG政策中获益。第三，我们发现两国之间FG交互效应的潜在收益。因此，我们记录了母国和外国央行通过采用相同持续季度数的FG进行货币政策协调而获益的可能性。
英文摘要：
This paper quantitatively explores the interaction effect of forward guidance (FG) on international monetary policy transmission using a standard two-country new Keynesian model with a global liquidity trap. First, we show that the magnitude of the constant risk aversion coefficient (CRRA) is important in determining the beggar-thy-neighbor and prosper-thy-neighbor effects in foreign economies when the home country only faces the zero lower bound (ZLB) constraints. Second,we demonstrate that both countries may benefit from adopting only the home country's FG policies if the home central bank only faces the ZLB. Third, we find the potential benefit of the FG interaction effect between two countries. Thus, we document the possibility that home and foreign central banks can benefit from monetary policy coordination by adopting the same duration of FG quarters.
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