全球智库信息集成服务系统(G2TT): Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11092
来源ID	Working Paper 11092
	Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
	Ozge Senay; Alan Sutherland
发表日期	2005-01-31
出版年	2005
语种	英语
摘要	A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least price flexibility of the three regimes considered.
主题	Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w11092
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/568729
推荐引用方式 GB/T 7714	Ozge Senay,Alan Sutherland. Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?. 2005.

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w11092.pdf（347KB）	智库出版物		限制开放	CC BY-NC-SA	浏览