Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/98337 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Center Discussion Paper No. 820
Verlag: 
Yale University, Economic Growth Center, New Haven, CT
Zusammenfassung: 
We study the interaction of fiscal and monetary policies during a currency crisis in an economy with government nominal liabilities. We show that the stock and maturity of these liabilities are key determinants of the magnitude, timing and predictability of a devaluation. Among notable features of our model, monetary authorities defend the currency parity conditional on the level of the interest rate, rather than on the stock of international reserves; budget deficits need not be high before a currency crisis; post- devaluation inflation may exhibit little persistence, and money demand need not fall after the crisis.
JEL: 
F31
F33
E58
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
292.96 kB





Publikationen in EconStor sind urheberrechtlich geschützt.