کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963614 | 930374 | 2011 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A further contribution towards explaining why disinflation through currency pegging may cause a boom
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We revisit the question of why exchange-rate-based (ERB) disinflation is often expansionary. We use an analytical DGE model in discrete time with staggered wages. If the policy is unanticipated, and if the currency is pegged at the level it would have reached under unchanged policies, then a boom occurs. For preannounced ERB disinflation, our model also predicts a boom. The explanation for both is that when wages are staggered, wage-setters have to be forward-looking. Anticipating lower future inflation, they reduce wages before the change in the exchange rate, causing a favourable supply-side effect on output.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 30, Issue 3, April 2011, Pages 516-536
Journal: Journal of International Money and Finance - Volume 30, Issue 3, April 2011, Pages 516-536
نویسندگان
John Fender, Neil Rankin,