| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10697 |
| DP10697 A Model of the Twin Ds: Optimal Default and Devaluation | |
| Martín Uribe; Stephanie Schmitt-Grohé; Vivian Yue | |
| 发表日期 | 2015-07-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper characterizes jointly optimal default and exchange-rate policy in a small open economy with limited enforcement of debt contracts and downward nominal wage rigidity. Under optimal policy, default occurs during contractions and is accompanied by large devaluations. The latter inflate away real wages thereby avoiding massive unemployment. Thus, the Twin Ds phenomenon emerges endogenously as the optimal outcome. By contrast, under fixed exchange rates, optimal default takes place in the context of large involuntary unemployment. Fixed-exchange-rate economies are shown to have stronger default incentives and therefore support less external debt than economies with optimally floating rates. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Sovereign default Exchange rates Optimal monetary policy Capital controls Currency pegs Downward nominal wage rigidity |
| URL | https://cepr.org/publications/dp10697 |
| 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/539528 |
| 推荐引用方式 GB/T 7714 | Martín Uribe,Stephanie Schmitt-Grohé,Vivian Yue. DP10697 A Model of the Twin Ds: Optimal Default and Devaluation. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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