| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27347 |
| 来源ID | Working Paper 27347 |
| Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union | |
| Javier Andrés; Óscar Arce; Jesús Fernández-Villaverde; Samuel Hurtado | |
| 发表日期 | 2020-06-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study the macroeconomic effects of internal devaluations undertaken by a periphery of countries belonging to a monetary union. We find that internal devaluations have large and positive output effects in the long run. Through an expectations channel, most of these effects carry over to the short run. Internal devaluations focused on goods markets reforms are generally more powerful in stimulating growth than reforms aimed at moderating wages, but the latter are less deflationary. For a monetary union with a periphery the size of the euro area's, the countries at the periphery benefit from internal devaluations even at the zero lower bound (ZLB) of the nominal interest rate. Nevertheless, when the ZLB binds, there is a case for a sequencing of reforms that prioritizes labor policies over goods markets reforms. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Money and Interest Rates ; Fiscal Policy |
| URL | https://www.nber.org/papers/w27347 |
| 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/585020 |
| 推荐引用方式 GB/T 7714 | Javier Andrés,Óscar Arce,Jesús Fernández-Villaverde,et al. Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union. 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 | ||
| w27347.pdf（832KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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