| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP631 |
| DP631 Fiscal Policies and the Choice of Exchange Rate Regime | |
| Vittorio Grilli | |
| 发表日期 | 1992-03-28 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | A common argument against either a monetary union or a regime of fixed exchange rates is that they preclude flexible use of the inflation tax. We address this point of view by comparing three alternative exchange rate regimes: a pure float, an EMS regime in which the exchange rate is fixed but can be realigned, and a monetary union. We model the three regimes as alternative commitments on future seigniorage policies. The approach suggests that it is not possible to Pareto-rank the three regimes. On the other hand, we provide intuitive conditions under which each of the systems is superior to the others. |
| 主题 | International Macroeconomics |
| 关键词 | exchange rate Fiscal policy Seignorage |
| URL | https://cepr.org/publications/dp631 |
| 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/529794 |
| 推荐引用方式 GB/T 7714 | Vittorio Grilli. DP631 Fiscal Policies and the Choice of Exchange Rate Regime. 1992. |
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