| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5127 |
| DP5127 Neuroeconomic Foundation of Trust and Social Preferences | |
| Ernst Fehr; Urs Fischbacher; Michael Kosfeld | |
| 发表日期 | 2005-07-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper improves upon the recently developed literature on exits from fixed exchange rate regimes in three ways: 1) It allows for two indicators for post-exit macroeconomic conditions, the change in the exchange rate and the change in the output gap; 2) it tests whether the distinction between orderly and disorderly exit is statistically justified, and concludes that it is not; 3) it deals with the sample selection problem. The results, subject to extensive sensitivity analysis, suggest that post-exits are better when de-pegging occur in good macroeconomic conditions ? an unnatural move for most policy-makers ? when world interest rates decline and in the presence of capital controls. Importantly, ?good? macroeconomic policies do not seem to help with post-exit performance. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate regimes Macroeconomic policy |
| URL | https://cepr.org/publications/dp5127 |
| 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/534015 |
| 推荐引用方式 GB/T 7714 | Ernst Fehr,Urs Fischbacher,Michael Kosfeld. DP5127 Neuroeconomic Foundation of Trust and Social Preferences. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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