| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5920 |
| DP5920 Are Training Programs More Effective When Unemployment Is High? | |
| Michael Lechner; Conny Wunsch | |
| 发表日期 | 2006-11-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The stylised facts of currency crises in emerging markets include output contraction coming hard on the heels of devaluation, with a prominent role for the adverse balance-sheet effects of liability dollarisation. In the light of the South East Asian experience, we propose an eclectic blend of the supply-side account of Aghion, Bacchetta and Banerjee (2000) with a demand recession triggered by balance sheet effects (Krugman, 1999). This sharpens the dilemma facing the monetary authorities - how to defend the currency without depressing the economy. But, with credible commitment or complementary policy actions, excessive output losses can, in principle, be avoided. |
| 主题 | International Macroeconomics |
| 关键词 | Supply and demand shocks Financial crises Contractionary devaluation Keynesian recession |
| URL | https://cepr.org/publications/dp5920 |
| 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/534766 |
| 推荐引用方式 GB/T 7714 | Michael Lechner,Conny Wunsch. DP5920 Are Training Programs More Effective When Unemployment Is High?. 2006. |
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