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来源类型Working Paper
规范类型报告
DOI10.3386/w8391
来源IDWorking 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
URLhttps://www.nber.org/papers/w8391
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565993
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Amartya Lahiri,Carlos A. Vegh. Living with the Fear of Floating: An Optimal Policy Perspective. 2001.
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