全球智库信息集成服务系统(G2TT): DP10905 Global Imbalances and Currency Wars at the ZLB

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10905
	DP10905 Global Imbalances and Currency Wars at the ZLB
	Ricardo Caballero; Pierre-Olivier Gourinchas; Emmanuel Farhi
发表日期	2015-10-25
出版年	2015
语种	英语
摘要	This paper explores the consequences of extremely low equilibrium real interest rates in a world with integrated but heterogenous capital markets, and nominal rigidities. In this context, we establish five main results: (i) Economies experiencing liquidity traps pull others into a similar situation by running current account surpluses; (ii) Reserve currencies have a tendency to bear a disproportionate share of the global liquidity trap?a phenomenon we dub the "reserve currency paradox;" (iii) Beggar-thy-neighbor exchange rate devaluations stimulate the domestic domestic economy at the expense of other economies; (iv) While more price and wage flexibility exacerbates the risk of a deflationary global liquidity trap, it is the more rigid economies that bear the brunt of the recession; (v) (Safe) Public debt issuances and increases in government spending anywhere are expansionary everywhere, and more so when there is some degree of price or wage flexibility. We use our model to shed light on the evolution of global imbalances, interest rates, and exchange rates since the beginning of the global financial crisis.
主题	Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	Capital flows Current account Exhorbitant privilege Forward guidance Inflation rate Interest rates Liquidity and safety traps Recessions Reserve currency Safe assets
URL	https://cepr.org/publications/dp10905
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/539735
推荐引用方式 GB/T 7714	Ricardo Caballero,Pierre-Olivier Gourinchas,Emmanuel Farhi. DP10905 Global Imbalances and Currency Wars at the ZLB. 2015.