…With freely mobile international capital movements… most rich countries have fixed exchange rates, as in the euro area, …control inflation in other ways.

Presentazione sul tema: "…With freely mobile international capital movements… most rich countries have fixed exchange rates, as in the euro area, …control inflation in other ways."— Transcript della presentazione:

1 …With freely mobile international capital movements… most rich countries have fixed exchange rates, as in the euro area, …control inflation in other ways.

2 Il teorema della trinità impossibile Autonomia politica monetaria Cambio fisso Perfetta mobilità dei capitali

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8 1)Free float 2)Managed float Regimi di cambio

9 3)Target Zones +1% -1% t S

10 4)Crawling peg S t 1% 1

11 5)Crawling band S t +5% -5%

12 6)Cambio fisso 7)Currency board 8)Dollarizzazione

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16 LM LM’ BP IS A B i y

17 m t -p t =Φŷ t -ηi t E t s t+1 -s t =i t -i t * Cambio fisso=Ŝ

18 Ŝ=E t s t+1 = s t i t = *i t m t -p t =Φŷ t -ηi t *

19 Alessandro Pelloli Juan Perez Riccardo Scotton Ilenia Torri Daniele Uggeri