EXCHANGE-RATE-BASED STABILISATION, DURABLES CONSUMPTION AND THE STYLISED FACTS

• 成果类型: Article
• 署名作者: Buffie, Edward F.; Alolia, Manoj
• 署名单位: Indiana University System; Indiana University Bloomington; State University System of Florida; Florida State University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2011.02431.x
• 发表日期: 2011
• 页码: 1130-1160
• 关键词: inflation stabilization; habit formation; LATIN-AMERICA; reforms; shocks

摘要

In this article we show that a model featuring durable consumer goods, imperfect substitution between domestic and foreign assets, and weak credibility can explain the qualitative and quantitative aspects of the stylised facts associated with exchange-rate-based stabilisation, including the tremendous increase in real interest rates. Following a temporary reduction in the crawl, total consumption spending rises 14-26%, the real exchange rate appreciates 20-37% and the current account deficit swells to 10-15% of gross domestic product. Despite large capital inflows, the real interest rate increases from 10 to 20-100%.