精品课件货币金融学版英文课件ch大学课.pptxVIP

Chapter21MonetaryPolicyStrategy:TheInternationalExperience?2005PearsonEducationCanadaInc.

RoleofaNominalAnchor?2005PearsonEducationCanadaInc.2TiesDown?ExpectationsHelpsAvoidTime-ConsistencyProblemArisesfrompursuitofshort-termgoalswhichleadtobadlong-termoutcomesTime-consistencyresidesmoreinpoliticalprocessNominalanchorlimitspoliticalpressurefortime-consistency

Exchange-RateTargeting?2005PearsonEducationCanadaInc.3AdvantagesFixes?forinternationallytradedgoodsAnchors?expectationsAutomaticrule,avoidstime-consistencyEasytounderstand:“soundcurrency”asrallyingcryHelpseconomicintegrationSuccessfulinreducing?France,UK,Mexico

Exchange-RateTargeting?2005PearsonEducationCanadaInc.4DisadvantagesLossofindependentmonetarypolicyProblemsafterGermanreunification:UK,FrenchmonetarypolicytootightOpentospeculativeattacksEurope,Sept.1992;Mexico:1994;Asia:1997SuccessfulspeculativeattackdisastrousforemergingmarketcountriesbecauseitleadstofinancialcrisisWeakenedaccountability:loseexchange-ratesignal

CurrencyBoardsvs.Dollarization?2005PearsonEducationCanadaInc.5CurrencyBoardsDomesticcurrencyexchangedatfixedrateforforeigncurrencyautomaticallyFixedexchangeratewithverystrongcommitmentmechanismandnodiscretionUsualdisadvantagesoffixedexchangerateStillsubjecttospeculativeattackLoseabilitytohavelenderoflastresortDollarizationEvenstrongercommitmentmechanismNopossibilityofspeculativeattackUsualdisadvantagesoffixedexchangertaeLoseseignorage

Summary:AdvantagesandDisadvantagesofDifferentMonetaryPolicyStrategies?2005PearsonEducationCanadaInc.6

Summary:AdvantagesandDisadvantagesofDifferentMonetaryPolicyStrategies?2005PearsonEducationCanadaInc.7

MonetaryTargeting?2005PearsonEducationCanadaInc.8CanadaTargetsM1till1982,thenabandonsit1988:declining?targets,M2asguideUnitedKingdomTargetsM3