A determination of the optimal currency basket: A macroeconomic analysis
A determination of the optimal currency basket: A macroeconomic analysis
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最优货币篮子的确定：宏观经济分析
DOI：
10.1016/0022-1996(82)90044-7
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发表时间：
1982
影响因子：
3.3
通讯作者：
S. Turnovsky
中科院分区：
文献类型：
--
作者：
S. Turnovsky
本文利用一个小型开放经济的一般均衡宏观模型，在资本完全流动的条件下，分析了最优货币篮子的选择。最后，以国内产出方差最小为目标，给出了最优权重。因此获得的最佳篮子的一般性质的识别和一些特殊情况下进行了详细分析。这些权重还与现有文献中的权重进行了比较，现有文献中的权重与本文的方法不同，因为其更具局部均衡性质、忽视资本流动以及注重更接近的政策目标的稳定。
This paper analyzes the choice of the optimal currency basket using a general equilibrium macro model of a small open economy, with perfect capital mobility. The optimal weights are derived to minimize the variance of domestic output. The general properties of the optimal basket so obtained are identified and a number of special cases are analyzed in detail. The weights are also compared with those found in the existing literature which differs from the approach here in its more partial equilibrium nature, its neglect of capital flows, and its focus on the stabilization of more proximate policy objectives.