| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP909 |
| DP909 Industrial Location and Public Infrastructure | |
| Philippe Martin; Carol Ann Rogers | |
| 发表日期 | 1994-02-20 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Existing models of exchange rate crises do not provide a good explanation for the breakdown of the ERM in 19923. This paper presents an alternative model which captures some of the important features of that period. The switch from a fixed to a floating rate is triggered by an optimizing government that wants to loosen monetary policy and boost aggregate demand. Agents in the foreign exchange market know the government's objective function and therefore build expectations of a regime switch into interest differentials. It is shown that this interaction between private sector expectations and government preferences can imply a breakdown of the fixed rate sooner than the government would like. |
| 主题 | International Macroeconomics |
| 关键词 | Balance of payments crises Ems Erm Speculative attacks |
| URL | https://cepr.org/publications/dp909 |
| 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/530039 |
| 推荐引用方式 GB/T 7714 | Philippe Martin,Carol Ann Rogers. DP909 Industrial Location and Public Infrastructure. 1994. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
