| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8938 |
| DP8938 Debt Deleveraging and the Exchange Rate | |
| PIerpaolo Benigno; Federica Romei | |
| 发表日期 | 2012-04-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Deleveraging from high debt can provoke deep recession with significant international side effects. The exchange rate of the deleveraging country will depreciate in the short run and appreciate in the long run. The real interest rate will fall by more than in the rest of the world. Bounds and policies that constrain the adjustment can prolong and deepen the recession. Early exit strategies from accommodating monetary policy can be quite harmful, as can such other policies as keeping interest rates too high during the deleveraging period. The analysis also applies to a monetary union facing internal adjustment of current account imbalances. |
| 主题 | International Macroeconomics |
| 关键词 | Current account adjustment |
| URL | https://cepr.org/publications/dp8938 |
| 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/537776 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Federica Romei. DP8938 Debt Deleveraging and the Exchange Rate. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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