| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12197 |
| DP12197 Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession | |
| Gernot Müller; Giancarlo Corsetti; Keith Kuester | |
| 发表日期 | 2017-08-04 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The zero lower bound problem during the Great Recession has exposed the limits of monetary autonomy, prompting a reevaluation of the relative benefits of currency pegs and monetary unions (see e.g. Cook and Devereux, 2016). We revisit this issue from the perspective of a small open economy. While a peg can be beneficial when the recession originates domestically, we show that a float dominates in the face of deflationary demand shocks abroad. When the rest of the world is in a liquidity trap, the domestic currency depreciates in nominal and real terms even in the absence of domestic monetary stimulus (if domestic rates are also at the zero lower bound) -- enhancing the country's competitiveness and insulating to some extent the domestic economy from foreign deflationary pressure. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | External shock Great recession exchange rate Zero lower bound Exchange rate peg Fiscal multiplier Benign coincidence Currency union |
| URL | https://cepr.org/publications/dp12197 |
| 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/541010 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Giancarlo Corsetti,Keith Kuester. DP12197 Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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