000			01329nam a22001577a 4500
999			_c517088 _d517088
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100			_aBergin, Paul R. and Corsetti, Giancarlo _926096
245			_aBeyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage
260			_aAmerican Economic Journal Macroeconomics
300			_a12(4), Oct, 2020: p.246-286
520			_aMotivated by the long-standing debate on competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country's comparative advantage. We develop a two-country New Keynesian model with two tradable sectors in each country: one perfectly competitive, the other producing differentiated goods under monopolistic competition subject to sunk entry costs and nominal rigidities and hence more sensitive to macroeconomic uncertainty. Monetary policy can disproportionately foster competitiveness of differentiated goods firms, ultimately affecting the composition of domestic output and exports. – Reproduced
650			_aNeoclassical models of trade _926097
773			_aAmerican Economic Journal Macroeconomics
906			_aMONETARY POLICY
942			_cAR