Interest Rate Defenses of Currency Pegs /
This paper studies a policy often used to defend a currency peg: raising short-term interest rates. The rationale for this policy is to stem demand for foreign reserves. Yet, this mechanism is absent from most monetary models. This paper develops a general equilibrium model with asset market frictio...
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| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
2004.
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| Серии: | IMF Working Papers; Working Paper ;
No. 2004/085 |
| Online-ссылка: | Full text available on IMF |