全球智库信息集成服务系统(G2TT): Optimal Reserves in Financially Closed Economies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w22139
来源ID	Working Paper 22139
	Optimal Reserves in Financially Closed Economies
	Olivier Jeanne; Damiano Sandri
发表日期	2016-04-04
出版年	2016
语种	英语
摘要	Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves differs from the measures often used by practitioners. Second, under plausible calibrations the model is consistent with the rule of thumb that reserves should be close to three months of imports. Third, simple linear rules can capture most of the welfare gains from optimal reserve management. Fourth, policymakers should place more emphasis on how to use reserves in response to shocks than on the reserve target itself.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w22139
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/579812
推荐引用方式 GB/T 7714	Olivier Jeanne,Damiano Sandri. Optimal Reserves in Financially Closed Economies. 2016.