| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13154 |
| 来源ID | Working Paper 13154 |
| Segmented Asset Markets and Optimal Exchange Rate Regimes | |
| Amartya Lahiri; Rajesh Singh; Carlos A. Vegh | |
| 发表日期 | 2007-06-07 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper revisits the issue of the optimal exchange rate regime in a flexible price environment. The key innovation is that we analyze this question in the context of environments where only a fraction of agents participate in asset market transactions (i.e., asset markets are segmented). Under this friction, alternative exchange rate regimes have different implications for real allocations in the economy. In particular -- and contrary to standard results under sticky prices -- we show that flexible exchange rates are optimal under monetary shocks and fixed exchange rates are optimal under real shocks. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13154 |
| 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/570823 |
| 推荐引用方式 GB/T 7714 | Amartya Lahiri,Rajesh Singh,Carlos A. Vegh. Segmented Asset Markets and Optimal Exchange Rate Regimes. 2007. |
| 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 | ||
| w13154.pdf（216KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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