Does exchange-rate stability increase trade and welfare?
Does exchange-rate stability increase trade and welfare?
复制标题
DOI：
10.1257/aer.90.5.1093
复制
发表时间：
2000-12-01
影响因子：
10.7
通讯作者：
van Wincoop, E
中科院分区：
文献类型：
--
作者：
Bacchetta, P;van Wincoop, E
本文建立了一个简单的一般均衡框架来研究汇率制度对贸易和福利的影响。该模型的一个重要特征是偏离购买力平价，这是由于以买家货币设定的僵化价格造成的。在一个偏好可分离、只有货币冲击的基准模型中，贸易不受汇率制度的影响，这与大多数证据一致。一般来说，在任何一种汇率制度下，贸易和福利都可能更高，这取决于偏好和在每种制度下遵循的货币政策规则。在各个汇率体系中，贸易水平和福利水平之间并不存在一对一的关系。
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.