| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23266 |
| 来源ID | Working Paper 23266 |
| Exchange Rate Policies at the Zero Lower Bound | |
| Manuel Amador; Javier Bianchi; Luigi Bocola; Fabrizio Perri | |
| 发表日期 | 2017-03-27 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We study the problem of a monetary authority pursuing an exchange rate policy that is inconsistent with interest rate parity because of a binding zero lower bound constraint. The resulting violation in interest rate parity generates an inflow of capital that the monetary authority needs to absorb by accumulating foreign reserves. We show that these interventions by the monetary authority are costly, and we derive a simple measure of these costs: they are proportional to deviations from the covered interest parity (CIP) condition and the amount of accumulated foreign reserves. Our framework can account for the recent experiences of “safe-haven” currencies and the sign of their observed deviations from CIP. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w23266 |
| 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/580940 |
| 推荐引用方式 GB/T 7714 | Manuel Amador,Javier Bianchi,Luigi Bocola,et al. Exchange Rate Policies at the Zero Lower Bound. 2017. |
| 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 | ||
| w23266.pdf（1819KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
