Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View
نویسندگان
چکیده
منابع مشابه
Do Fixed Exchange Rates Fetter Monetary Policy ? A Credit
The Bernanke-Blinder credit-view model is expanded to encompass a small, open economy with fixed exchange rates. In contrast to conventional wisdom and traditional models, monetary policy is resurrected as a stabilization tool. Further, various financial sector shocks are shown to have real aggregate demand effects. We show that independent monetary policy actions can ha ve substantive impacts ...
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ژورنال
عنوان ژورنال: Eastern Economic Journal
سال: 2007
ISSN: 0094-5056,1939-4632
DOI: 10.1057/eej.2007.17