Dilemma Not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows

被引：0

作者：

Emmanuel Farhi

Iván Werning

机构：

来源：

IMF Economic Review | 2014年 / 62卷

关键词：

F3; F4;

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暂无

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摘要：

The paper considers a standard New Keynesian model of a small open economy with nominal rigidities and studies optimal capital controls. Consistent with the Mundellian view, it finds that the exchange rate regime is key. However, in contrast with the Mundellian view, the paper finds that capital controls are desirable even when the exchange rate is flexible. Optimal capital controls lean against the wind and help smooth out capital flows.

引用

页码：569 / 605

页数：36

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