Exchange rate flexibility under the zero lower bound
نویسندگان
چکیده
منابع مشابه
Exchange Rate Flexibility under the Zero Lower Bound: the Need for Forward Guidance
Macroeconomic theory says that when a country is vulnerable to idiosyncratic macro shocks, it should have its own currency and a flexible exchange rate. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with flexible exchange rates. This paper argues that if the zero bound...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2016
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2016.03.011