Policy Responses to External Financial Shocks

Pierre-Richard Agénor ()
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Pierre-Richard Agénor: University of Manchester, School of Social Sciences

Chapter 8 in Monetary Policy and Macroprudential Regulation with Financial Frictions, 2025, pp 447-484 from Springer

Abstract: Abstract Uses the same model as in Chap. 7 to study the optimal degrees of exchange rate flexibility and sterilization, as well as simple countercyclical macroprudential and capital control rules, in response to capital inflows. The optimal degrees of foreign exchange intervention and sterilization are derived, with and without accounting for sterilization costs and financial stability considerations. The optimal combination of macroprudential policies is also addressed.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-01673-7_8

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DOI: 10.1007/978-3-032-01673-7_8

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