Exchange Rate Policy and Firm Heterogeneity
Masashige Hamano
(1)
,
Francesco Pappadà
(2, 3, 4)
Francesco Pappadà
- Fonction : Auteur
- PersonId : 1285698
- IdHAL : francesco-pappada
- ORCID : 0000-0002-2764-4792
Résumé
This paper examines the exchange rate policy in a tractable framework with heterogeneous firms, incomplete financial markets and nominal rigidities. External demand shocks generate exchange rate movements leading to uncertainty in the labor demand of exporter firms. When exporter firms are homogeneous in terms of productivity, a monetary policy response to external demand shocks stabilizes the export market and improves welfare, thus providing a rationale for managed exchange rate policies.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Exchange Rate Policy and Firm Heterogeneity
|
Résumé |
en
This paper examines the exchange rate policy in a tractable framework with heterogeneous firms, incomplete financial markets and nominal rigidities. External demand shocks generate exchange rate movements leading to uncertainty in the labor demand of exporter firms. When exporter firms are homogeneous in terms of productivity, a monetary policy response to external demand shocks stabilizes the export market and improves welfare, thus providing a rationale for managed exchange rate policies.
|
Auteur(s) |
Masashige Hamano
1
, Francesco Pappadà
2, 3, 4
1
Waseda University [Tokyo, Japan]
( 168249 )
- 1-104 Totsukamachi, Shinjuku-ku, Tokyo, 169-8050, JAPAN
- Japon
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
4
Banque de France -
Banque de France
( 183299 )
- France
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Public visé |
Scientifique
|
Langue du document |
Anglais
|
Nom de la revue |
|
Date de publication |
2023-09
|
Volume |
71
|
Numéro |
3
|
Page/Identifiant |
759-790
|
Mots-clés (JEL) |
|
Domaine(s) |
|
DOI | 10.1057/s41308-022-00188-2 |
UT key WOS | 000864309700001 |
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