| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14062 |
| DP14062 Household Heterogeneity and the Transmission of Foreign Shocks | |
| Sergio de Ferra; Kurt Mitman; Federica Romei | |
| 发表日期 | 2019-10-17 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study the role of heterogeneity in the transmission of foreign shocks. We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal. Households' portfolio composition and the extent of foreign currency borrowing are key determinants of the magnitude of the contraction in consumption associated with a sudden stop in capital inflows. The contraction is more severe when households are leveraged and owe debt in foreign currency. In this setting, the revaluation of foreign debt causes a larger contraction in aggregate consumption when debt and leverage are concentrated among poorer households. Closing the output gap via an exchange-rate devaluation may therefore be detrimental to household welfare due to the heterogeneous impact of the foreign debt revaluation. Our HANKSOME framework can rationalize the observed "fear of floating" in emerging market economies, even in the absence of contractionary devaluations. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Sudden stops Foreign currency debt Exchange rate policy Incomplete markets |
| URL | https://cepr.org/publications/dp14062 |
| 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/542948 |
| 推荐引用方式 GB/T 7714 | Sergio de Ferra,Kurt Mitman,Federica Romei. DP14062 Household Heterogeneity and the Transmission of Foreign Shocks. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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