Three Exchange Rate Regimes and a Monetary Union: Determinacy, Currency Crises, and Welfare

We study three different exchange rate regimes in a stochastic OLG model with free capital mobility and incomplete markets. The regimes are characterized by the type of coordinated seignorage financed transfer (or fiscal) policy in place. We are especially interested in how the different types of policies affect the possibility of sunspot equilibria with real and/or nominal effects.

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Year of publication:	2001
Authors:	Nielsen, Carsten K.
Institutions:	Banco de España
Subject:	exchange rate \| central banks \| currencies

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Extent:	application/pdf
Series:	Banco de España Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0104 32 pages
Classification:	D52 - Incomplete Markets ; D60 - Welfare Economics. General ; D84 - Expectations; Speculations ; F31 - Foreign Exchange ; F42 - International Policy Coordination and Transmission
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005155277