| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1483 |
| DP1483 Short- and Long-run Phillips Trade-offs and the Cost of Disinflationary Policies | |
| Juan Dolado; J David López-Salido | |
| 发表日期 | 1996-10-31 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper provides empirical evidence on the effectiveness of movements in nominal exchange rates in smoothing cyclical imbalances between countries, as explained by the literature on optimal currency areas. We use restrictions from the Mundell-Flemming model (on which the theory of optimal currency areas is based) to identify VAR systems that explain the exchange rate movements and the relative output movements of potential members of a European Monetary Union (EMU). We find that the shocks that cause most of the variation in relative output do not seem to result in movements in nominal exchange rates. Moreover, the shocks that explain movements in nominal exchange rates are monetary in nature, rather than real. Such results make it hard to argue that the loss of exchange rate flexibility accompanying EMU would come at a significant cost to macroeconomic stability. |
| 主题 | International Macroeconomics |
| 关键词 | Emu Exchange rates Optimal currency areas |
| URL | https://cepr.org/publications/dp1483 |
| 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/530627 |
| 推荐引用方式 GB/T 7714 | Juan Dolado,J David López-Salido. DP1483 Short- and Long-run Phillips Trade-offs and the Cost of Disinflationary Policies. 1996. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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