| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP742 |
| DP742 Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates | |
| Lars E.O. Svensson | |
| 发表日期 | 1992-12-31 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | The paper argues that real world fixed exchange rate regimes usually have finite bands instead of completely fixed exchange rates between realignments because exchange rate bands, contrary to the textbook result, give central banks some monetary independence even with free international capital mobility. The nature and amount of monetary independence is specified, informally and in a formal model, and quantified with Swedish krona data. The amount of monetary independence thus achieved appears sizeable. For instance, an increase in the Swedish krona band from zero to about +2% may reduce the krona interest rate's standard deviation by about 1/2. |
| 主题 | International Macroeconomics |
| 关键词 | Interest rates Mean reversion monetary policy Target zones |
| URL | https://cepr.org/publications/dp742 |
| 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/529898 |
| 推荐引用方式 GB/T 7714 | Lars E.O. Svensson. DP742 Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates. 1992. |
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