منابع مشابه
Dynamic Speculative Attacks
The paper presents a model of rational Bayesian agents with speculative attacks in a regime of exchange rate which is pegged within a band. Speculators learn from the observation of the exchange rate within the band whether their mass is sufficiently large for a successful attack. Multiple periods are necessary for the existence of speculative attacks. Various defense policies are analyzed. A t...
متن کاملThe Effects of Economic Sanctions and Speculative Attacks on Inflation
This paper surveys the persian monetary crises due to economic sanctions and speculative attacks that leads to high inflation. Economic sanctions are associated with various forms of trade barriers and restriction on financial transactions. Among the most influential sanctions on Iran's oil export and central bank sanctions are noted that their Aims to reduce Iran's oil revenues and Devaluation...
متن کاملSpectre Attacks: Exploiting Speculative Execution
Modern processors use branch prediction and speculative execution to maximize performance. For example, if the destination of a branch depends on a memory value that is in the process of being read, CPUs will try guess the destination and attempt to execute ahead. When the memory value finally arrives, the CPU either discards or commits the speculative computation. Speculative logic is unfaithf...
متن کاملMacroeconomic Regime Switches and Speculative Attacks
This paper explains a currency crisis as an outcome of a switch in how monetary policy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy switches to passive and fiscal policy switches to active. The probability of the regime switch is endogeno...
متن کاملLearning and Complementarities in Speculative Attacks
We study a model where the aggregate trading of currency speculators reveals new information to the central bank and affects its policy decision. We show that the learning process gives rise to coordination motives among speculators leading to large currency attacks and introducing non-fundamental volatility into exchange rates and policy decisions. We show that the central bank can improve the...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2016
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2016.04.005