| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1040 |
| DP1040 Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79 | |
| Patrick Honohan | |
| 发表日期 | 1994-10-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Using Krugman's (1991) target zone model, we find an explicit, sub-game perfect solution for a central bank wishing to stabilize the exchange rate given proportional costs of intervention. We demonstrate, however, that precommitment to narrower bands would yield a welfare gain - which provides a theoretical rationale for an Exchange Rate Mechansim (ERM). Numerical simulations suggest that the optimal currency band with precommitment via an ERM is only half as wide as that under discretion. |
| 主题 | International Macroeconomics |
| 关键词 | Erm Regulated brownian motion Target zones Time consistent policy |
| URL | https://cepr.org/publications/dp1040 |
| 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/530181 |
| 推荐引用方式 GB/T 7714 | Patrick Honohan. DP1040 Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79. 1994. |
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