| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4287 |
| DP4287 Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring | |
| Jan Pieter Krahnen; Antje Brunner | |
| 发表日期 | 2004-03-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | A two-country sticky-price general equilibrium model is used to examine the implications of the expenditure switching effect for the welfare properties of fixed and floating exchange rate regimes. A comparison between the two regimes shows that the volatility of consumption is unambiguously lower in the floating exchange rate regime, but the volatility of home output can be higher or lower depending on the value of the elasticity of substitution between home and foreign goods. A utility-based welfare comparison of the two regimes concludes that a floating exchange rate regime yields higher welfare when the expenditure switching effect is relatively weak, but a fixed exchange rate regime is superior when the expenditure switching effect is strong. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Expenditure switching Welfare |
| URL | https://cepr.org/publications/dp4287 |
| 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/533249 |
| 推荐引用方式 GB/T 7714 | Jan Pieter Krahnen,Antje Brunner. DP4287 Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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