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dc.contributor.authorMundaca, B. Gabrielaen
dc.contributor.authorStrand, Jonen
dc.date.accessioned2009-01-28T15:52:26Z-
dc.date.available2009-01-28T15:52:26Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18724-
dc.description.abstractWe derive the optimal exchange rate policy for a small open economy subject to terms-oftradeshocks. Firm owners and workers are risk averse but workers more so. Wages are givenor partially indexed in the short run, and capital markets are imperfect. The government setsthe exchange rate to allocate risk between workers and owners. With less risk-averse firms,and greater difference in risk aversion between workers and firms, the optimal exchange rateshould vary little with pure terms-of-trade shocks but more with general shocks to prices.Optimal exchange rate variation is greater with indexed wages, but is smaller when firmsbehave monopolistically and when wage taxes (profit taxes) change procyclically(countercyclically) with export prices (import prices). The model gives policy rules fordetermining optimal variations of the exchange rate, and indicates when it is, and is not,optimal to join a currency union with trading partners, implying zero exchange rate variation.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1361en
dc.subject.jelF41en
dc.subject.jelF33en
dc.subject.jelF31en
dc.subject.ddc330en
dc.subject.keywordcurrency banden
dc.subject.keywordmonetary unionen
dc.subject.keywordprice volatilityen
dc.subject.keywordoptimal risk allocationen
dc.subject.stwWechselkurspolitiken
dc.subject.stwTarget Zoneen
dc.subject.stwRisikoen
dc.subject.stwAllokationen
dc.subject.stwRisikoaversionen
dc.subject.stwPreisniveaustabilitäten
dc.subject.stwWährungsunionen
dc.subject.stwTheorieen
dc.titleA risk allocation approach to optimal exchange rate policy-
dc.typeWorking Paperen
dc.identifier.ppn477509207en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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