G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18199
来源IDWorking 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
URLhttps://www.nber.org/papers/w18199
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575875
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GB/T 7714
Emmanuel Farhi,Ivan Werning. Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates. 2012.
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