Does exchange-rate stability increase trade and welfare?

被引：132

作者：

Bacchetta, P ^{[1
]}

van Wincoop, E

机构：

[1] Study Ctr Gerzensee, CH-3115 Gerzensee, Switzerland

[2] Univ Lausanne, CH-1015 Lausanne, Switzerland

[3] Fed Reserve Bank New York, Int Res, New York, NY 10045 USA

来源：

AMERICAN ECONOMIC REVIEW | 2000年 / 90卷 / 05期

关键词：

D O I：

10.1257/aer.90.5.1093

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper develops a simple general-equilibrium framework to study the effect of the exchange-rate system on trade and welfare. An important feature of the model is deviations from purchasing-power parity, caused by rigid price setting in buyers' currency, In a benchmark model with separable preferences and only monetary shocks, trade is unaffected by the exchange-rate system, consistent with most evidence. In general, both trade and welfare can be higher under either exchange-rate system, depending on preferences and on the monetary-policy rules followed under each system. There is no one-to-one relationship between the levels of trade and welfare across exchange-rate systems.

引用

页码：1093 / 1109

页数：17

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