Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes?:
"A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditu...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11092 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least priceflexibility of the three regimes considered"--National Bureau of Economic Research web site. |
| Beschreibung: | 22, [5] S. graph. Darst. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11092 | |
| 520 | 3 | |a "A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least priceflexibility of the three regimes considered"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Ökonometrisches Modell | |
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| author | Senay, Özge 1970- Sutherland, Alan |
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| id | DE-604.BV019891023 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:31Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013215035 |
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| physical | 22, [5] S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
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| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Senay, Özge 1970- Verfasser (DE-588)129196886 aut Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? Ozge Senay ; Alan Sutherland Cambridge, Mass. National Bureau of Economic Research 2005 22, [5] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11092 "A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least priceflexibility of the three regimes considered"--National Bureau of Economic Research web site. Ökonometrisches Modell Foreign exchange rates Econometric models Monetary policy Sutherland, Alan Verfasser aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11092 (DE-604)BV002801238 11092 http://papers.nber.org/papers/w11092.pdf kostenfrei Volltext |
| spellingShingle | Senay, Özge 1970- Sutherland, Alan Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Foreign exchange rates Econometric models Monetary policy |
| title | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? |
| title_auth | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? |
| title_exact_search | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? |
| title_full | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? Ozge Senay ; Alan Sutherland |
| title_fullStr | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? Ozge Senay ; Alan Sutherland |
| title_full_unstemmed | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? Ozge Senay ; Alan Sutherland |
| title_short | Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes? |
| title_sort | can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes |
| topic | Ökonometrisches Modell Foreign exchange rates Econometric models Monetary policy |
| topic_facet | Ökonometrisches Modell Foreign exchange rates Econometric models Monetary policy |
| url | http://papers.nber.org/papers/w11092.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT senayozge canendogenouschangesinpriceflexibilityaltertherelativewelfareperformanceofexchangerateregimes AT sutherlandalan canendogenouschangesinpriceflexibilityaltertherelativewelfareperformanceofexchangerateregimes |