izpis_h1_title_alt

Monetary policy in an equilibrium portfolio balance model
Kumhof, Michael (Avtor), Nieuwerburgh, Stijn van (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.imf.org/external/pubs/ft/wp/2007/wp0772.pdf Novo okno

Izvleček
Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper shows that whenfiscal policy is not sufficiently flexible in response to spending shocks,perfect substitutability breaks down and uncovered interest rate parityno longer holds. Government balance sheet operations can be used as an independent policy instrument to target interest rates. Sterilized foreign exchange interventions should be most effective in developing countries, wherefiscal volatility is large and where the fraction of domestic currency denominated government liabilities is small.

Jezik:Angleški jezik
Ključne besede:ekonomska politika, monetarna politika, fiskalna politika, finančni trg, devize, valuuta, plačilna bilanca, portfolio, modeli, economic policy, monetary policy, fiscal policy, financial market, foreign exchange, balance of payments, portfolio, models
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2007
Založnik:International Monetary Fund
Št. strani:31 str.
Kraj:Washington
UDK:339.7
COBISS.SI-ID:17271782 Povezava se odpre v novem oknu
Število ogledov:375
Število prenosov:167
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
 
Skupna ocena:(0 glasov)
Vaša ocena:Ocenjevanje je dovoljeno samo prijavljenim uporabnikom.
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