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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w18199 |
来源ID | Working Paper 18199 |
Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates | |
Emmanuel Farhi; Ivan Werning | |
发表日期 | 2012-06-28 |
出版年 | 2012 |
语种 | 英语 |
摘要 | We lay down a standard macroeconomic model of a small open economy with a fixed exchange rate and study optimal capital controls (defined as maximizing the utility of a representative household). We provide sharp analytical and numerical characterizations for a variety of shocks. We find that capital controls are employed to respond to some shocks but not others. They are particularly effective to address risk-premium shocks that affect the interest rate differential foreign investors require in a particular country. We also discuss how the solution depends on the degree of nominal rigidity and the openness of the economy. We show that capital controls may be optimal even if the exchange rate is not fixed in response to risk premium shocks or if wages, in addition to prices, are sticky. Finally, we compare the single country's optimum to a coordinated world solution. Our results show a limited need for coordination. However, the uncoordinated solution features the same capital controls as the coordinated solution. |
主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
URL | https://www.nber.org/papers/w18199 |
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/575875 |
推荐引用方式 GB/T 7714 | Emmanuel Farhi,Ivan Werning. Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates. 2012. |
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 | ||
w18199.pdf(613KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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