| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14660 |
| DP14660 Interest Rate Uncertainty as a Policy Tool | |
| Fabio Ghironi; Galip Ozhan | |
| 发表日期 | 2020-04-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external accounts between short-term securities and foreign direct investment (FDI). We identify the trade-offs faced in navigating between external balance and price stability. The interest rate uncertainty policy discourages short-term inflows mainly through portfolio risk and precautionary saving channels. A markup channel generates net FDI inflows under imperfect exchange rate pass-through. We further investigate new channels under different assumptions about the irreversibility of FDI, the currency of export invoicing, risk aversion of outside agents, and effective lower bound in the rest of the world. Under every scenario, uncertainty policy is inflationary. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | International financial policy stochastic volatility Short-term and long-term capital movements Unconventional monetary policy |
| URL | https://cepr.org/publications/dp14660 |
| 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/543574 |
| 推荐引用方式 GB/T 7714 | Fabio Ghironi,Galip Ozhan. DP14660 Interest Rate Uncertainty as a Policy Tool. 2020. |
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