| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2494 |
| DP2494 Combining Micro and Macro Unemployment Duration Data | |
| Gerard Van den Berg; Bas van der Klaauw | |
| 发表日期 | 2000-07-25 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Defending a government's exchange-rate commitment with active interest rate policy is not an option in the Krugman-Flood-Garber (KFG) model of speculative attacks. In that model, the interest rate is the passive reflection of currency-depreciation expectations. In this paper we show how to adapt the KFG model to allow for an interest rate defence. It is shown that increasing domestic-currency interest rate makes domestic assets more attractive according to an asset substitution effect, but weakens the domestic currency by increasing the government's fiscal liabilities. As a result raising the interest rate hastens the speculative attack when speculation is motivated by underlying fiscal fragility. |
| 主题 | International Macroeconomics |
| 关键词 | Speculative attack Fixed exchange rate regime Fiscal policy |
| URL | https://cepr.org/publications/dp2494 |
| 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/531570 |
| 推荐引用方式 GB/T 7714 | Gerard Van den Berg,Bas van der Klaauw. DP2494 Combining Micro and Macro Unemployment Duration Data. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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