MARC Record from Library of Congress

LEADER: 01967cam a22003137a 4500
001 2005616497
003 DLC
005 20050218110252.0
007 cr |||||||||||
008 050210s1999 nyu sb f000 0 eng
010 $a 2005616497
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aTille, Cédric,$d1970-
245 14 $aThe role of consumption substitutability in the international transmission of shocks$h[electronic resource] /$cCédric Tille.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[1999]
490 1 $aStaff reports ;$vno. 67
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 2/10/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper develops a general framework to analyze the welfare consequences of monetary and fiscal shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries. We find that an expansionary shock that would be beneficial in a closed economy can have an adverse "beggar-thyself" effect in the country where it takes place, or an adverse "beggar-thy-neighbor" effect on its neighbor. Such effects depend significantly on the degree of substitutability between goods produced in different countries, as well as the exact nature of the shocks. In addition, a closed economy can be an imperfect approximation of a large open economy when there is little substitutability between goods produced in different countries"--Federal Reserve Bank of New York web site.
650 0 $aSubstitution (Economics)
650 0 $aMonetary policy.
650 0 $aFiscal policy.
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 67.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr67.html