| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11200 |
| DP11200 Optimal Reserves in Financially Closed Economies | |
| Olivier Jeanne; Damiano Sandri | |
| 发表日期 | 2016-03-30 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves differs from the measures often used by practitioners. Second, under plausible calibrations the model is consistent with the rule of thumb that reserves should be close to three months of imports. Third, simple linear rules can capture most of the welfare gains from optimal reserve management. Fourth, policymakers should place more emphasis on how to use reserves in response to shocks than on the reserve target itself. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Official reserves Current account Precautionary savings |
| URL | https://cepr.org/publications/dp11200 |
| 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/540017 |
| 推荐引用方式 GB/T 7714 | Olivier Jeanne,Damiano Sandri. DP11200 Optimal Reserves in Financially Closed Economies. 2016. |
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