| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20314 |
| 来源ID | Working Paper 20314 |
| The Twin Ds: Optimal Default and Devaluation | |
| Seunghoon Na; Stephanie Schmitt-Grohé; Martin Uribe; Vivian Z. Yue | |
| 发表日期 | 2014-07-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | A salient characteristic of sovereign defaults is that they are typically accompanied by large devaluations. This paper presents new evidence of this empirical regularity known as the Twin Ds and proposes a model that rationalizes it as an optimal policy outcome. The model combines limited enforcement of debt contracts and downward nominal wage rigidity. Under optimal policy, default is shown to occur during con- tractions. The role of default is to free up resources for domestic absorption, and the role of exchange-rate devaluation is to lower the real value of wages, thereby reducing involuntary unemployment. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w20314 |
| 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/577988 |
| 推荐引用方式 GB/T 7714 | Seunghoon Na,Stephanie Schmitt-Grohé,Martin Uribe,et al. The Twin Ds: Optimal Default and Devaluation. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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