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2006-04-05Buch DOI: 10.18452/3955
Macroeconomic Regime Switches and Speculative Attacks
dc.contributor.authorMaćkowiak, Bartosz
dc.date.accessioned2017-06-15T23:07:41Z
dc.date.available2017-06-15T23:07:41Z
dc.date.created2006-05-05
dc.date.issued2006-04-05
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4607
dc.description.abstractThis paper explains a currency crisis as an outcome of a switch in how monetary policy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy switches to passive and fiscal policy switches to active. The probability of the regime switch is endogenous and changes over time together with the state of the economy. The regime switch is preceded by a sharp increase in interest rates and causes a jump in the exchange rate. The model predicts that currency composition of public debt affects dynamics of macroeconomic variables. Furthermore, the model is consistent with evidence from recent currency crises, in particular small seigniorage revenues.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectCoordination of monetary policy and fiscal policyeng
dc.subjectpolicy regime switcheng
dc.subjectcurrency crisiseng
dc.subjectspeculative attackeng
dc.subjectfiscal theory of the price leveleng
dc.subject.ddc330 Wirtschaft
dc.titleMacroeconomic Regime Switches and Speculative Attacks
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-10063290
dc.identifier.doihttp://dx.doi.org/10.18452/3955
dc.subject.dnb17 Wirtschaft
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages40
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2006
local.edoc.container-issue25
local.edoc.container-year2006
local.edoc.container-erstkatid2195055-6

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