| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21471 |
| 来源ID | Working Paper 21471 |
| Distributional Effects of Monetary Policy in Emerging Market Economies | |
| Eswar Prasad; Boyang Zhang | |
| 发表日期 | 2015-08-17 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits households in the tradable goods sector but in the long run these households are worse off due to higher consumption volatility. A fixed exchange rate reduces the welfare of these households and aggregate welfare when the economy is hit by positive shocks to nontradable goods productivity or foreign interest rates. Fiscal policy can more efficiently achieve similar short-run distributional objectives as exchange rate management. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w21471 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579146 |
| 推荐引用方式 GB/T 7714 | Eswar Prasad,Boyang Zhang. Distributional Effects of Monetary Policy in Emerging Market Economies. 2015. |
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