| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2892 |
| DP2892 Corporate Finance and the Monetary Transmission Mechanism | |
| Xavier Freixas; Patrick Bolton | |
| 发表日期 | 2001-07-26 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Within a simple model of monetary policy for an open economy, we study how foreign exchange intervention may be used to condition agents' beliefs of the objectives of the policymakers. Differently from cheap talk foreign exchange intervention guarantees a unique equilibrium. Foreign exchange intervention does not bring about a systematic policy gain, such as an increase in employment or a reduction in the inflationary bias. It can, however, stabilise the national economy, for it drastically reduces the fluctuations of employment and output. Foreign exchange intervention is profitable, but a trade-off exists between these profits and the stability gain it brings about. Finally, an important normative conclusion of our analysis is that foreign exchange intervention and monetary policy should be kept separated, in that a larger stability gain is obtained when these two instruments of policy making are under the control of different governmental agencies. |
| 主题 | International Macroeconomics |
| 关键词 | Foreign exchange intervention monetary policy Signalling |
| URL | https://cepr.org/publications/dp2892 |
| 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/531941 |
| 推荐引用方式 GB/T 7714 | Xavier Freixas,Patrick Bolton. DP2892 Corporate Finance and the Monetary Transmission Mechanism. 2001. |
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