Optimal exchange rate policy, optimal incomplete taxation and business cycles

Detalhes bibliográficos
Autor(a) principal: Cunha, Alexandre Barros da
Data de Publicação: 2002
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12470
Resumo: Implementation and collapse of exchange rate pegging schemes are recur- rent events. A currency crisis (pegging) is usually followed by an economic downturn (boom). This essay explains why a benevolent government should pursue Þscal and monetary policies that lead to those recurrent currency crises and subsequent periods of pegging. It is shown that the optimal policy induces a competitive equilibrium that displays a boom in periods of below average de- valuation and a recession in periods of above average devaluation. A currency crisis (pegging) can be understood as an optimal policy answer to a recession (boom).
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spelling Cunha, Alexandre Barros daEscolas::EPGEFGV2014-11-18T12:24:48Z2014-11-18T12:24:48Z2002-01-24http://hdl.handle.net/10438/12470Implementation and collapse of exchange rate pegging schemes are recur- rent events. A currency crisis (pegging) is usually followed by an economic downturn (boom). This essay explains why a benevolent government should pursue Þscal and monetary policies that lead to those recurrent currency crises and subsequent periods of pegging. It is shown that the optimal policy induces a competitive equilibrium that displays a boom in periods of below average de- valuation and a recession in periods of above average devaluation. A currency crisis (pegging) can be understood as an optimal policy answer to a recession (boom).engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessOptimal exchange rate policy, optimal incomplete taxation and business cyclesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaPolítica cambialCâmbioreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL1071.pdf1071.pdfapplication/pdf373343https://repositorio.fgv.br/bitstreams/97739090-7fbc-4122-86d5-c4ff8dd8a0e4/downloadc494fe9fe63522e36985b0ea01133c51MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/7692165b-2f87-474e-9347-3d31cd2a6e58/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT1071.pdf.txt1071.pdf.txtExtracted 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dc.title.eng.fl_str_mv Optimal exchange rate policy, optimal incomplete taxation and business cycles
title Optimal exchange rate policy, optimal incomplete taxation and business cycles
spellingShingle Optimal exchange rate policy, optimal incomplete taxation and business cycles
Cunha, Alexandre Barros da
Economia
Política cambial
Câmbio
title_short Optimal exchange rate policy, optimal incomplete taxation and business cycles
title_full Optimal exchange rate policy, optimal incomplete taxation and business cycles
title_fullStr Optimal exchange rate policy, optimal incomplete taxation and business cycles
title_full_unstemmed Optimal exchange rate policy, optimal incomplete taxation and business cycles
title_sort Optimal exchange rate policy, optimal incomplete taxation and business cycles
author Cunha, Alexandre Barros da
author_facet Cunha, Alexandre Barros da
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Cunha, Alexandre Barros da
dc.subject.area.por.fl_str_mv Economia
topic Economia
Política cambial
Câmbio
dc.subject.bibliodata.por.fl_str_mv Política cambial
Câmbio
description Implementation and collapse of exchange rate pegging schemes are recur- rent events. A currency crisis (pegging) is usually followed by an economic downturn (boom). This essay explains why a benevolent government should pursue Þscal and monetary policies that lead to those recurrent currency crises and subsequent periods of pegging. It is shown that the optimal policy induces a competitive equilibrium that displays a boom in periods of below average de- valuation and a recession in periods of above average devaluation. A currency crisis (pegging) can be understood as an optimal policy answer to a recession (boom).
publishDate 2002
dc.date.issued.fl_str_mv 2002-01-24
dc.date.accessioned.fl_str_mv 2014-11-18T12:24:48Z
dc.date.available.fl_str_mv 2014-11-18T12:24:48Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12470
url http://hdl.handle.net/10438/12470
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisa econômica da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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institution FGV
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collection Repositório Institucional do FGV (FGV Repositório Digital)
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