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来源类型Working Paper
规范类型报告
DOI10.3386/w30281
来源IDWorking Paper 30281
Fear of Appreciation and Current Account Adjustment
Paul Bergin; Kyunghun Kim; Ju H. Pyun
发表日期2022-07-25
出版年2022
语种英语
摘要This paper finds that limited exchange rate flexibility in the form of “fear of appreciation” significantly slows adjustment of current account imbalances, providing novel support for Friedman’s conjecture regarding exchange-rate flexibility. We present a new stylized fact: floaters have faster convergence than peggers for current account deficits, but not so for surpluses. A striking implication is that current account surpluses are more persistent than deficits on average. We provide evidence that this asymmetry is associated with a one-sided muting of exchange rate appreciations. We develop a multi-country DSGE model augmented with an asymmetric exchange rate policy to represent fear of appreciation; when solved to a third-order approximation, it can explain greater persistence of current account surpluses compared to deficits.
主题International Economics ; International Finance ; International Macroeconomics
URLhttps://www.nber.org/papers/w30281
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/587954
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GB/T 7714
Paul Bergin,Kyunghun Kim,Ju H. Pyun. Fear of Appreciation and Current Account Adjustment. 2022.
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