全球智库信息集成服务系统(G2TT): Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

G2TT

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