| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5819 |
| DP5819 Global Private Information in International Equity Markets | |
| Martin Schneider; Rui Albuquerque | |
| 发表日期 | 2006-09-04 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper assesses the relevance of the exchange rate regime for stabilization policy. This regime question cannot be dealt with independently of other institutions, in particular how fiscal policy is designed. We show that once fiscal policy is taken into account, the exchange rate regime is irrelevant. This is the case independently of the severity of price rigidities, independently of asymmetries across countries in shocks and transmission mechanisms and regardless of the incompleteness of international financial markets. The only relevant condition is labour mobility. The immobility of labour across countries is a necessary condition for our results. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary union Fixed exchange rates Fiscal and monetary policy Stabilization policy Labour mobility Nominal rigidities |
| URL | https://cepr.org/publications/dp5819 |
| 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/534656 |
| 推荐引用方式 GB/T 7714 | Martin Schneider,Rui Albuquerque. DP5819 Global Private Information in International Equity Markets. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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