| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP872 |
| DP872 Fixed Exchange Rates as a Means to Price Stability: What Have We Learned? | |
| Lars E.O. Svensson | |
| 发表日期 | 1994-01-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | The purpose of this paper is to provide a framework for the analysis of policy-makers' choices regarding unilateral exchange rate bands. Exchange rate bands are viewed as the outcome of an optimization problem by a policy-maker whose objective function weighs the level of the real exchange rate against the level and variability of the real exchange rate. The analysis endogenizes policy decisions about realignments and about the width of the band. Conditions are developed for the case in which optimal band width widens in response to a decrease in policy-makers' commitment reputation, an increase in the cost of reneging on the existing band, and an increase in the variance of fundamental shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Commitment Credibility Exchange rates Realignments |
| URL | https://cepr.org/publications/dp872 |
| 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/530023 |
| 推荐引用方式 GB/T 7714 | Lars E.O. Svensson. DP872 Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?. 1994. |
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