کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5099852 1377042 2007 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Macroeconomic regime switches and speculative attacks
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Macroeconomic regime switches and speculative attacks
چکیده انگلیسی
This paper explains a currency crisis as an outcome of a switch in how monetary policy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy switches to passive and fiscal policy switches to active. The probability of the regime switch is endogenous and changes over time together with the state of the economy. The regime switch is preceded by a sharp increase in interest rates and causes a jump in the exchange rate. The model predicts that currency composition of public debt affects dynamics of macroeconomic variables. Furthermore, the model is consistent with evidence from recent currency crises, in particular small seigniorage revenues.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 10, October 2007, Pages 3321-3347
نویسندگان
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