Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises
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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
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美国国家经济研究局创建时间：
2000-06-01
