Monetary Policy in an Equilibrium Portfolio Balance Model /
Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper shows that when fiscal policy is not sufficiently flexible in response to spending shocks...
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2007.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2007/072 |
| Online pristup: | Full text available on IMF |