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Unconventional Policies and Exchange Rate Dynamics
Gustavo AdlerMr.Ruy LamaJuan Pablo Medina
出版International Monetary Fund, 2017-11-13
主題Business & Economics / Foreign ExchangeBusiness & Economics / Investments & Securities / BondsBusiness & Economics / Money & Monetary Policy
ISBN14843248469781484324844
URLhttp://books.google.com.hk/books?id=iUAZEAAAQBAJ&hl=&source=gbs_api
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註釋We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model with unconventional monetary and exchange rate policies. The cooperative solution features a large exchange rate adjustment that cushions the impact of negative shocks and a moderate use of unconventional policy instruments. Self-oriented policies (Nash equilibrium), however, entail limited exchange rate movements and an aggressive use of unconventional policies in both countries. Our results highlight the role of international policy cooperation in allowing the exchange rate to play the traditional role of shock absorber.