| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11432 |
| DP11432 The Case for Flexible Exchange Rates in a Great Recession | |
| Gernot Müller; Keith Kuester; Giancarlo Corsetti | |
| 发表日期 | 2016-08-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We analyze macroeconomic stabilization in a small open economy which faces a large recession in the rest of the world. We show that for the economy to remain isolated from the shock, the exchange rate must depreciate not only to offset the collapse in external demand, but also to decouple domestic prices from deflation in the rest of the world. If monetary policy becomes constrained by the zero lower bound, the scope of exchange rate depreciation is limited. Still, in this case there is a ``benign coincidence'': fiscal policy is particularly effective in stabilizing economic activity. Under fixed exchange rates, instead, the impact of the external shock is particularly severe and the effectiveness of fiscal policy reduced. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | External shock Great recession exchange rate Zero lower bound Fiscal multiplier External-demand multiplier Benign coincidence |
| URL | https://cepr.org/publications/dp11432 |
| 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/540246 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Keith Kuester,Giancarlo Corsetti. DP11432 The Case for Flexible Exchange Rates in a Great Recession. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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