| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15065 |
| DP15065 A Quantitative Model for the Integrated Policy Framework | |
| Tobias Adrian; Christopher J. Erceg; Jesper Linde; Pawel Zabczyk; Jianping Zhou | |
| 发表日期 | 2020-07-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Many central banks have relied on a range of policy tools, including foreign exchange intervention (FXI) and capital flow management tools (CFMs), to mitigate the effects of volatile capital flows on their economies. We develop an empirically-oriented New Keynesian model to evaluate and quantify how using multiple policy tools can potentially improve monetary policy tradeoffs. Our model embeds nonlinear balance sheet channels and includes a range of empirically-relevant frictions. We show that FXI and CFMs may improve policy tradeoffs under certain conditions, especially for economies with less well-anchored inflation expectations, substantial foreign currency mismatch, and that are more vulnerable to shocks likely to induce capital outflows and exchange rate pressures. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | monetary policy Fx intervention Capital flow measures Emerging economies Dsge model |
| URL | https://cepr.org/publications/dp15065 |
| 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/544020 |
| 推荐引用方式 GB/T 7714 | Tobias Adrian,Christopher J. Erceg,Jesper Linde,et al. DP15065 A Quantitative Model for the Integrated Policy Framework. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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