| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP518
|
| DP518 Destabilizing Effects of Exchange-Rate Escape Clauses |
| Maurice Obstfeld
|
| 发表日期 | 1991-03-01
|
| 出版年 | 1991
|
| 语种 | 英语
|
| 摘要 | This paper studies the merits of policy rules with escape clauses, analysing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress. Motivating this example is the debate within the European Monetary System over how quickly to move from the current regime of national currencies, linked by pegged but adjustable exchange rates, to a single European currency. The paper's main point is that while well-designed rules with escape clauses can raise society's welfare in principle, limited credibility makes it difficult for governments to implement such rules in practice. An EMS-type institution which presumably imposes a political cost on policy-makers who realign may lead to an optimal escape-clause equilibrium, but may just as well lead to alternative equilibria far inferior to an irrevocably fixed exchange rate. Countries can suffer periods in which no realignment occurs, yet unemployment, real wages, and ex post real interest rates remain persistently and sub-optimally high. |
| 主题 | International Macroeconomics
|
| 关键词 | Credibility
Escape clause
European monetary system
Realignment
|
| URL | https://cepr.org/publications/dp518
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529676
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推荐引用方式
GB/T 7714 |
Maurice Obstfeld. DP518 Destabilizing Effects of Exchange-Rate Escape Clauses. 1991.
|
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