全球智库信息集成服务系统(G2TT): Living with the Fear of Floating: An Optimal Policy Perspective

G2TT

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