G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w11791
来源IDWorking 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
URLhttps://www.nber.org/papers/w11791
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/569442
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Amartya Lahiri,Carlos A. Vegh. Output Costs, Currency Crises, and Interest Rate Defense of a Peg. 2005.
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