NDLI: Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes?

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Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes?

Content Provider	Library of Congress - Books/Printed Material
Author	Senay, Özge Sutherland, Alan
Temporal Coverage	2005
Copyright Year	2005
Abstract	"A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least priceflexibility of the three regimes considered"--National Bureau of Economic Research web site.
Language	English
Publisher	National Bureau of Economic Research
Publisher Place	Cambridge, MA
Part of Series	Catalog
Requires	HTML5 supported browser
Access Restriction	Open
Subject Keyword	Foreign Exchange Rates Mathematical Models Monetary Policy Welfare Economics
Subject Domain (in LCSH)	Foreign exchange rates--Mathematical models
Subject Domain (in LCSH)	Monetary policy--Mathematical models
Subject Domain (in LCSH)	Welfare economics--Mathematical models
Subject Domain (in LCC)	HB1
Content Type	Text
Resource Type	Book

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