کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963753 | 1479158 | 2016 | 43 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Two targets, two instruments: Monetary and exchange rate policies in emerging market economies
ترجمه فارسی عنوان
دو هدف، دو ابزار: سیاست پولی و ارز در اقتصادهای نوظهور
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper examines the case for using two instruments-the policy interest rate and sterilized foreign exchange market intervention-in emerging market countries seeking to stabilize inflation and output while attenuating disequilibrium currency movements. We estimate policy reaction functions for central banks, documenting that indeed both instruments tend to be deployed. We show that whether discretionary monetary policy or inflation targeting is preferable depends on the volatility of shocks relative to the central bank's time inconsistency problem. The use of FX intervention as a second instrument improves welfare under both regimes, but more so under inflation targeting. Overall, a regime of (two-way) sterilized intervention-cum-inflation targeting can result in better outcomes in the presence of imperfect capital mobility/asset substitutability-yielding similar gains to a discretionary policy while still delivering the inflation target.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 60, February 2016, Pages 172-196
Journal: Journal of International Money and Finance - Volume 60, February 2016, Pages 172-196
نویسندگان
Atish R. Ghosh, Jonathan D. Ostry, Marcos Chamon,