| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16972 |
| DP16972 Managing Monetary Tradeoffs in Vulnerable Open Economies | |
| Tobias Adrian; Christopher J. Erceg; Jesper Linde; Marcin Kolasa; Pawel Zabczyk | |
| 发表日期 | 2022-01-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We develop a microfounded New Keynesian model to analyze monetary policy and financial stability issues in open economies with financial fragilities and weakly anchored inflation expectations. We show that foreign exchange intervention (FXI) and capital flow management tools (CFMs) can improve monetary policy tradeoffs under some conditions, including by reducing the need for procyclical tightening in response to capital outflow pressures. Moreover, they can be used in a preemptive way to reduce the risk of a "sudden stop" through curbing a buildup in leverage. While these tools can materially improve welfare, mainly by dampening inefficient fluctuations in risk premia, our analysis also highlights potential limitations, including the possibility that their deployment may forestall needed adjustment in the external balance. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | monetary policy Fx intervention Capital controls Sudden stops Dsge model |
| URL | https://cepr.org/publications/dp16972 |
| 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/545916 |
| 推荐引用方式 GB/T 7714 | Tobias Adrian,Christopher J. Erceg,Jesper Linde,et al. DP16972 Managing Monetary Tradeoffs in Vulnerable Open Economies. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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