CAJ | 학술논문

本文利用金融危机前后中关两国经济数据，描述了两国货币政策协调与经济周期协动之间的关系。同时，以新开放经济宏观经济学为理论分析框架，结合经济全球化及金融危机后中关两国现实背景，借鉴Canzoneri等对货币政策国际协调的福利收益的衡量和分析方法，考察了中美两国进行货币政策国际协调的福利收益函数及需要满足的条件。理论模型分析表明，当两国各部门受到冲击的不确定性不对称程度较低时，货币政策国际协调是双赢的选择。
본문이용금융위궤전후중관량국경제수거，묘술료량국화폐정책협조여경제주기협동지간적관계。동시，이신개방경제굉관경제학위이론분석광가，결합경제전구화급금융위궤후중관량국현실배경，차감Canzoneri등대화폐정책국제협조적복리수익적형량화분석방법，고찰료중미량국진행화폐정책국제협조적복리수익함수급수요만족적조건。이론모형분석표명，당량국각부문수도충격적불학정성불대칭정도교저시，화폐정책국제협조시쌍영적선택。
This paper describes the relationship between monetary policies coor- dination and business cycles co-movements using economic data of China and USA before and after the financial crisis. It also investigates welfare benefits on international coordination of monetary policies of China and USA and conditions that have to meet, basing on theoretical framework of new open-economy macroeconomics and realistic background of China and USA, learning measurement and analysis methods of welfare benefits on international coordination of monetary policies from Canzoneri et al. Theoretical model analysis suggests that international coordination of monetary policies is a win-win choice when the asymmetry of uncertainty of shocks is low.