| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28079 |
| 来源ID | Working Paper 28079 |
| Sudden Stops and Optimal Foreign Exchange Intervention | |
| J. Scott Davis; Michael B. Devereux; Changhua Yu | |
| 发表日期 | 2020-11-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We model sudden stops in a small open economy as rare discrete events precipitated by increases in the world risk-free rate. When external debt is large, the model exhibits multiple equilibria, one where external debt and consumption remain high, and one with a collapse in external debt and consumption. Private agents delever following an increase in the world interest rate, but they fail to internalize the impact of deleveraging on the price of collateral. For high levels of debt, even a small increase in the world interest rate can eliminate the high debt equilibrium and the economy experiences a sudden stop. The central bank can use foreign exchange intervention to prevent the sudden stop. If reserves cannot be borrowed, optimal policy is to “lean against the wind”, buying foreign reserves ex-ante when private borrowing is high and selling them after an interest rate shock when private agents are deleveraging. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w28079 |
| 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/585753 |
| 推荐引用方式 GB/T 7714 | J. Scott Davis,Michael B. Devereux,Changhua Yu. Sudden Stops and Optimal Foreign Exchange Intervention. 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 | ||
| w28079.pdf（399KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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