|
|
|
|
LEADER |
02447nmm a2200553 u 4500 |
001 |
EB001825691 |
003 |
EBX01000000000000000992137 |
005 |
00000000000000.0 |
007 |
cr||||||||||||||||||||| |
008 |
180614 ||| eng |
020 |
|
|
|a 9781484320617
|
100 |
1 |
|
|a Alla, Zineddine
|
245 |
0 |
0 |
|a FX Intervention in the New Keynesian Model
|c Zineddine Alla, Raphael Espinoza, Atish Ghosh
|
260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 2017
|
300 |
|
|
|a 39 pages
|
651 |
|
4 |
|a United States
|
653 |
|
|
|a Saving and investment
|
653 |
|
|
|a Prices
|
653 |
|
|
|a Foreign Exchange
|
653 |
|
|
|a Deflation
|
653 |
|
|
|a Saving
|
653 |
|
|
|a Economics
|
653 |
|
|
|a Monetary Policy
|
653 |
|
|
|a Macroeconomics: Consumption
|
653 |
|
|
|a Inflation
|
653 |
|
|
|a Foreign exchange
|
653 |
|
|
|a Macroeconomics
|
653 |
|
|
|a Wealth
|
653 |
|
|
|a Consumption
|
653 |
|
|
|a Central Banks and Their Policies
|
653 |
|
|
|a Return on investment
|
653 |
|
|
|a National accounts
|
653 |
|
|
|a Currency
|
653 |
|
|
|a Exchange rates
|
653 |
|
|
|a Intangible Capital
|
653 |
|
|
|a Investments: General
|
653 |
|
|
|a Capital
|
653 |
|
|
|a Price Level
|
653 |
|
|
|a Investment
|
653 |
|
|
|a Capacity
|
700 |
1 |
|
|a Espinoza, Raphael
|
700 |
1 |
|
|a Ghosh, Atish
|
041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
989 |
|
|
|b IMF
|a International Monetary Fund
|
490 |
0 |
|
|a IMF Working Papers
|
028 |
5 |
0 |
|a 10.5089/9781484320617.001
|
856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2017/207/001.2017.issue-207-en.xml?cid=45215-com-dsp-marc
|x Verlag
|3 Volltext
|
082 |
0 |
|
|a 330
|
520 |
|
|
|a We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX intervention under discretionary policy, in the face of shocks to risk appetite in international capital markets. The solution shows that FX intervention can help reduce the volatility of the economy and mitigate the welfare losses associated with such shocks. We also show that, when the financial accelerator is strong, the risk of multiple equilibria (self-fulfilling currency and inflation movements) is high. We determine the conditions under which indeterminacy can occur and highlight how the use of FX intervention reinforces the central bank's credibility and limits the risk of multiple equilibria
|