Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w8391 |
来源ID | Working Paper 8391 |
Living with the Fear of Floating: An Optimal Policy Perspective | |
Amartya Lahiri; Carlos A. Vegh | |
发表日期 | 2001-07-01 |
出版年 | 2001 |
语种 | 英语 |
摘要 | As documented in recent studies, developing countries (classified by the IMF as floaters or managed floaters) are extremely reluctant to allow for large nominal exchange rate fluctuations. This 'fear of floating' is reflected in the fact that, in spite of being subject to larger shocks, developing countries exhibit lower exchange rate variability and higher reserve variability than developed countries. Moreover, there is a positive correlation between changes in the exchange rate and interest rates and a negative correlation between both changes in reserves and the exchange rate and changes in interest rates and reserves. We build a simple model that rationalizes these key features as the outcome of an optimal policy response to monetary shocks. The model incorporates three key frictions: an output cost of nominal exchange rate fluctuations, an output cost of higher interest rates to defend the currency, and a fixed cost of intervention. |
主题 | International Economics ; International Macroeconomics ; Macroeconomics ; Monetary Policy |
URL | https://www.nber.org/papers/w8391 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565993 |
推荐引用方式 GB/T 7714 | Amartya Lahiri,Carlos A. Vegh. Living with the Fear of Floating: An Optimal Policy Perspective. 2001. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w8391.pdf(894KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Amartya Lahiri]的文章 |
[Carlos A. Vegh]的文章 |
百度学术 |
百度学术中相似的文章 |
[Amartya Lahiri]的文章 |
[Carlos A. Vegh]的文章 |
必应学术 |
必应学术中相似的文章 |
[Amartya Lahiri]的文章 |
[Carlos A. Vegh]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。