| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19588 |
| 来源ID | Working Paper 19588 |
| The Optimal Currency Area in a Liquidity Trap | |
| David Cook; Michael B. Devereux | |
| 发表日期 | 2013-10-31 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Open economy macro theory says that when a country is subject to idiosyncratic macro shocks, it should have its own currency and a flexible exchange rate. But recently in many countries policy rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in open economies with flexible exchange rates. In this paper, we show that if the zero bound constraint is binding and policy lacks an effective `forward guidance' mechanism, a flexible exchange rate system may be inferior to a single currency area, even when there are country-specific macro shocks. When monetary policy is constrained by the zero bound, under independent currencies with flexible exchange rates, the exchange rate exacerbates the impact of shocks. Remarkably, this may hold true even if only a subset of countries are constrained by the zero bound, and other countries freely adjust their interest rates. In order for a regime of multiple currencies to dominate a single currency area in a liquidity trap environment, it is necessary to have effective forward guidance in monetary policy. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w19588 |
| 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/577263 |
| 推荐引用方式 GB/T 7714 | David Cook,Michael B. Devereux. The Optimal Currency Area in a Liquidity Trap. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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