| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12684 |
| 来源ID | Working Paper 12684 |
| Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head | |
| Amartya Lahiri; Rajesh Singh; Carlos A. Vegh | |
| 发表日期 | 2006-11-09 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | A famous dictum in open economy macroeconomics -- which obtains in the Mundell-Fleming world of sticky prices and perfect capital mobility -- holds that the choice of the optimal exchange rate regime should depend on the type of shock hitting the economy. If shocks are predominantly real, a flexible exchange rate is optimal, whereas if shocks are mainly monetary, a fixed exchange rate is optimal. There is no obvious reason, however, why this paradigm should be the most appropriate one to think about this important issue. Arguably, asset market frictions may be as pervasive as goods market frictions (particularly in developing countries). In this light, we show that in a model with flexible prices and asset market frictions, the Mundell-Fleming dictum is turned on its head: flexible rates are optimal in the presence of monetary shocks, whereas fixed rates are optimal in response to real shocks. We thus conclude that the choice of an optimal exchange rate regime should depend not only on the type of shock (real versus monetary) but also on the type of friction (goods versus asset market). |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w12684 |
| 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/570346 |
| 推荐引用方式 GB/T 7714 | Amartya Lahiri,Rajesh Singh,Carlos A. Vegh. Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head. 2006. |
| 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 | ||
| w12684.pdf（178KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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