全球智库信息集成服务系统(G2TT): Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10827
来源ID	Working Paper 10827
	Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria
	Andres Velasco; Roberto Chang
发表日期	2004-10-11
出版年	2004
语种	英语
摘要	Exchange rate policies depend on portfolio choices, and portfolio choices depend on anticipated exchange rate policies. This opens the door to multiple equilibria in policy regimes. We construct a model in which agents optimally choose to denominate their assets and liabilities either in domestic or in foreign currency. The monetary authority optimally chooses to float or to fix the currency, after portfolios have been chosen. We identify conditions under which both fixing and floating are equilibrium policies: if agents expect fixing and arrange their portfolios accordingly, the monetary authority validates that expectation; the same happens if agents initially expect floating. We also show that a flexible exchange rate Pareto-dominates a fixed one. It follows that social welfare would rise if the monetary authority could precommit to floating.
主题	Macroeconomics ; Money and Interest Rates ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w10827
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/568460
推荐引用方式 GB/T 7714	Andres Velasco,Roberto Chang. Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria. 2004.

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
w10827.pdf（306KB）	智库出版物		限制开放	CC BY-NC-SA	浏览