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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. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w11791.pdf(344KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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