全球智库信息集成服务系统(G2TT): DP14829 Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14829
	DP14829 Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union
	Javier Andrés; Oscar Arce; Jesus Fernandez-Villaverde; Samuel Hurtado
发表日期	2020-05-30
出版年	2020
语种	英语
摘要	We study the macroeconomic effects of internal devaluations undertaken by a periphery of countries belonging to a monetary union. We find that internal devaluations have large and positive output effects in the long run. Through an expectations channel, most of these effects carry over to the short run. Internal devaluations focused on goods markets reforms are generally more powerful in stimulating growth than reforms aimed at moderating wages, but the latter are less deflationary. For a monetary union with a periphery the size of the euro area's, the countries at the periphery benefit from internal devaluations even at the zero lower bound (ZLB) of the nominal interest rate. Nevertheless, when the ZLB binds, there is a case for a sequencing of reforms that prioritizes labor policies over goods markets reforms.
主题	Monetary Economics and Fluctuations
关键词	Monetary union Internal devaluation Structural reforms Zero lower bound Policy sequencing
URL	https://cepr.org/publications/dp14829
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/543763
推荐引用方式 GB/T 7714	Javier Andrés,Oscar Arce,Jesus Fernandez-Villaverde,et al. DP14829 Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union. 2020.