This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If the cross-country substitutability is low, then monetary expansion is a beggar-thyself policy that reduces domestic welfare and increases foreign welfare (Corsetti & Pesenti 2001; Tille 2001). In this paper, we will show that regardless of whether the cross-country substitutability is high or low, monetary expansion is always a beggar-thyself policy in the short run.
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机译：本文研究了货币扩张是自己的乞or政策还是邻居的乞policy政策。 Obstfeld and Rogoff（1995）指出，在跨国可替代性很高的情况下，生产者货币定价下的货币扩张会增加国内外的整体福利。如果跨国可替代性很低，那么货币扩张就是一种以人为本的政策，会减少国内福利，增加外国福利（Corsetti＆Pesenti 2001； Tille 2001）。在本文中，我们将表明，不管跨国替代性是高还是低，货币扩张在短期内始终是一种以人为本的政策。
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