| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP994 |
| DP994 Post-War Growth of the Danish Economy | |
| Peder J Pedersen | |
| 发表日期 | 1994-07-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | The incentive to renege on a commitment to a fixed exchange rate is shown to be state contingent. A fixed exchange rate policy is not viable under `unusual' circumstances, and the incentive to violate the commitment is larger in the case of contractionary shocks than in the case of expansionary shocks. The possibility that the exchange rate regime is changed in `unusual' circumstances also has significant effects under `normal' circumstances, implying systematic devaluation expectations and output losses. |
| 主题 | International Macroeconomics |
| 关键词 | Commitment Fixed exchange rates Regime shifts State dependence |
| URL | https://cepr.org/publications/dp994 |
| 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/530137 |
| 推荐引用方式 GB/T 7714 | Peder J Pedersen. DP994 Post-War Growth of the Danish Economy. 1994. |
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