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アイテムタイプ	紀要論文
タイトル	Currency Mismatch, Balance-sheet effect and Monetary Policy
著者	著者名 Nakamura, Chikafumi
言語	eng
ISSN	09111247
DOI	https://doi.org/10.15002/00007904
出版者	Institute of Comparative Economic Studies, Hosei University
	法政大学比較経済研究所
雑誌名	Journal of International Economic Studies
	Journal of International Economic Studies
巻	25
開始ページ	103
終了ページ	128
発行年	2011-03
著者版フラグ	Version of Record
キーワード	Currency mismatch
	Balance-sheet effect
	Small open economy
	DSGE
抄録	This paper analyzes the impact of the currency mismatch between assets and liabilities on monetary policy. The currency mismatch causes macroeconomic instability through balance-sheet effects. To analyze the problem, we apply a small open economy dynamic stochastic general equilibrium model with international credit-market imperfections. As a result, despite the currency mismatch and high trade openness, a targeting rule to address the terms of trade is not efficient. This result depends on the fact that the two balance sheet-based channels, a debt-side channel and an asset-side channel, exist. We indicate that stabilization on the asset side is more important for determining monetary policy than is stabilization on the debt side.　Therefore, we suggest that authorities in emerging economies adopt a targeting rule to stabi-lize fluctuations on the asset side.
資源タイプ	Article
書誌レコードID	AA10459262
インデックス	資料タイプ別 ＞ 紀要 ＞ Journal of international economic studies
	201 比較経済研究所 ＞ 紀要 ＞ Journal of international economic studies ＞ 25

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