| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14034 |
| DP14034 The Dollar During the Great Recession: US Monetary Policy Signaling and The Flight To Safety | |
| Vania Stavrakeva; Jenny Tang | |
| 发表日期 | 2019-10-05 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Conventional wisdom holds that lowering a home country’s interest rate relative to another’s will depreciate the domestic currency. We document that US monetary policy easings actually had the opposite effect during the Great Recession. We attribute this effect to calendar-based forward guidance that signaled economic weakness which resulted in a flight-to-safety effect and lower expected inflation in the United States. Our results imply that accusations that the Federal Reserve engaged in a “competitive devaluation” over the Great Recession were unfounded. |
| 主题 | International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp14034 |
| 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/542922 |
| 推荐引用方式 GB/T 7714 | Vania Stavrakeva,Jenny Tang. DP14034 The Dollar During the Great Recession: US Monetary Policy Signaling and The Flight To Safety. 2019. |
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