G2TT
来源类型Discussion paper
规范类型论文
来源IDDP518
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
URLhttps://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
推荐引用方式
GB/T 7714
Maurice Obstfeld. DP518 Destabilizing Effects of Exchange-Rate Escape Clauses. 1991.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Maurice Obstfeld]的文章
百度学术
百度学术中相似的文章
[Maurice Obstfeld]的文章
必应学术
必应学术中相似的文章
[Maurice Obstfeld]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。