全球智库信息集成服务系统(G2TT): Output Costs, Currency Crises, and Interest Rate Defense of a Peg

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11791
来源ID	Working Paper 11791
	Output Costs, Currency Crises, and Interest Rate Defense of a Peg
	Amartya Lahiri; Carlos A. Vegh
发表日期	2005-11-21
出版年	2005
语种	英语
摘要	Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimizing, first-generation model in which the crisis may be delayed but is ultimately inevitable. We show that higher interest rates may delay the crisis, but raising interest rates beyond a certain point may actually bring forward the crisis due to the large negative output effect. The optimal interest rate defense involves setting high interest rates (relative to the no defense case) both before and at the moment of the crisis. Furthermore, while the crisis could be delayed even further, it is not optimal to do so.
主题	International Economics ; International Macroeconomics ; Macroeconomics ; Monetary Policy
URL	https://www.nber.org/papers/w11791
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/569442
推荐引用方式 GB/T 7714	Amartya Lahiri,Carlos A. Vegh. Output Costs, Currency Crises, and Interest Rate Defense of a Peg. 2005.