This paper provides a unifying framework in which identified offset and sterilisation equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about bouth external and internal goals and capital is less than perfectly mobile, there will be some offsetting capital flows and the central bank will sterilise. Several results from the literature are encompassed as special case.
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Paper provided by Athens University of Economics and Business, Department of International and European Economic Studies in its series Athens University of Economics and Business with number
97-06.
Length: 33 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:athebu:97-06
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Find related papers by JEL classification: G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data) E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies