返回Google圖書搜尋

Managing Currency Pegs

出版	Centre for Economic Policy Research, 2012
URL	http://books.google.com.hk/books?id=phWK0AEACAAJ&hl=&source=gbs_api

註釋The combination of a fixed exchange rate and downward nominal wage rigidity creates a real rigidity. In turn, this real rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis of alternative policy strategies aimed at mitigating this source of inefficiency. First- and second-best monetary and fiscal solutions are analyzed. Second-best solutions are found to be prudential, whereas first-best solutions are not.