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On the theory of sterilized foreign exchange intervention

机译：关于无菌外汇干预理论

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摘要

Standard theory finds that, given uncovered interest parity, sterilized foreign exchange intervention should not affect equilibrium prices and quantities. This paper shows that when, as in the data, taxation is not sufficiently flexible in response to spending shocks, uncovered interest parity is replaced by a monotonically increasing relationship between the stock of domestic currency government debt and domestic interest rates. Sterilized intervention then becomes a second independent monetary policy instrument that affects portfolios, interest rates, exchange rates and consumption. It should be most effective in developing countries, where fiscal spending volatility is large and domestic currency government debt is small.
机译：标准理论发现，在未发现利息均等的情况下，冲销的外汇干预不应影响均衡价格和数量。本文显示，如数据中所示，当税收不足以应对支出冲击时，未发现的利率均等被本币政府债务存量与本国利率之间的单调递增关系所取代。灭菌干预然后成为影响投资组合，利率，汇率和消费的第二个独立的货币政策工具。在财政支出波动大且本国货币政府债务少的发展中国家中，这种方法应该最有效。

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