全球智库信息集成服务系统(G2TT): Interest Rate Uncertainty as a Policy Tool

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27084
来源ID	Working Paper 27084
	Interest Rate Uncertainty as a Policy Tool
	Fabio Ghironi; G. Kemal Ozhan
发表日期	2020-05-04
出版年	2020
语种	英语
摘要	We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external accounts between short-term securities and foreign direct investment (FDI). We identify the trade-offs faced in navigating between external balance and price stability. The interest rate uncertainty policy discourages short-term inflows mainly through portfolio risk and precautionary saving channels. A markup channel generates net FDI inflows under imperfect exchange rate pass-through. We further investigate new channels under different assumptions about the irreversibility of FDI, the currency of export invoicing, risk aversion of outside agents, and effective lower bound in the rest of the world. Under every scenario, uncertainty policy is inflationary.
主题	Macroeconomics ; Business Cycles ; International Economics ; International Factor Mobility ; International Finance ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w27084
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/584757
推荐引用方式 GB/T 7714	Fabio Ghironi,G. Kemal Ozhan. Interest Rate Uncertainty as a Policy Tool. 2020.

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
w27084.pdf（4036KB）	智库出版物		限制开放	CC BY-NC-SA	浏览