Output Costs, Currency Crises, and Interest Rate Defense of a Peg
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Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimizing, first-generation model in which the crisis may be delayed but is ultimately inevitable.
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美国国家经济研究局创建时间：
2005-11-01
