| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1252 |
| DP1252 Can Capital Controls Alter the Inflation-Unemployment Trade-off? | |
| Assaf Razin; Chi-Wa Yuen | |
| 发表日期 | 1995-10-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | The viability of a fixed exchange rate system is shown to be state- or shock-dependent. We show, simply, Obstfeld's claim that there may be multiple equilibria - multiple shock values for which a regime switch becomes optimal. We distinguish between self-fulfilling and history-dependent crises. In the former, crises may occur due to a jump from one equilibrium to another, even for constant model parameters, including the government's cost of quitting the regime. In the latter, costly expectational adjustment implies that the country's history, embodied in its initial expectations, determines the relevant equilibrium and the likelihood of a crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Currency crises Fixed exchange rates Hysteresis Self-fulfilling State-dependence |
| URL | https://cepr.org/publications/dp1252 |
| 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/530394 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Chi-Wa Yuen. DP1252 Can Capital Controls Alter the Inflation-Unemployment Trade-off?. 1995. |
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