Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises
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下载链接：
https://www.nber.org/papers/w7734
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资源简介：
The classical model of balance of payments crises implicitly assumes that the central bank sits passively as international reserves dwindle. In practice, however, central banks typically defend pegs aggressively by raising short-term interest rates. This paper analyzes the feasibility and optimality
提供机构：
美国国家经济研究局
创建时间：
2000-06-01
