本文建立一個兩國的一般均衡模型來探討在國際化生產—廠商可以同時雇用國內外勞動力以製造中間財— 之下, 國際間貨幣政策的協調, 對於兩國福利的影響。本文證明各國貨幣當局有誘因偏離原先協調的政策, 因此我們進一步分析成立一個共同貨幣當局進行政策協調的效果。我們發現, 當國際化生產的程度愈高,共同的貨幣當局所能產生的福利利得會逐漸縮小。因此, 中間財的國際貿易降低成立共同貨幣當局的重要性。

We investigate the welfare gains of international monetary coordination
in the presence of internationalized production - firms employ both domestic and foreign produced intermediate goods. Incorporating internationalized production into a two-country intertemporal general equilibrium model, we study the role for a delegated monetary authority in implementing the competitive allocation. We find that the range of parameter values that supports delegated policy coordination as well as the sizes of welfare gains from policy coordination shrink when the extent of internationalized production rises. Thus, international trade in intermediate goods diminishes the viability of an international monetary authority.