BUBBLES IN EXCHANGE RATES AND MONETARY POLICY

被引：3

作者：

Alexandre, Fernando ^{[1
]}

Bacao, Pedro ^{[2
]}

Driffill, John ^{[3
]}

机构：

[1] Univ Minho, P-4719 Braga, Portugal

[2] Univ Coimbra, P-3000 Coimbra, Portugal

[3] Univ London, London WC1E 7HU, England

来源：

SCOTTISH JOURNAL OF POLITICAL ECONOMY | 2011年 / 58卷 / 01期

关键词：

CENTRAL BANKS RESPOND; RATE MOVEMENTS; RULES; ECONOMY; MODEL; ROBUSTNESS; PRICES;

D O I：

10.1111/j.1467-9485.2010.00539.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We evaluate the macroeconomic performance of different monetary policy rules when there are bubbles in the exchange rate. We do this in the context of a non-linear rational expectations model. The exchange rate is allowed to deviate from its fundamental value and the persistence of the deviation is modeled as a Markov switching process. Our results suggest that reacting to exchange rate movements does not significantly improve welfare. However, taking into account the switching nature of the economy may be more beneficial.

引用

页码：29 / 50

页数：22

共 44 条

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