Financial intermediation, real exchange rates, and unconventional policies in an open economy
研究了开放经济中金融中介面临偶尔有约束的抵押品限制时，实际汇率、利率与金融摩擦的相互作用，以及非传统政策（如信贷计划和冲销干预）的有效性。
We discuss unconventional policies in an open economy where financial intermediaries face occasionally binding collateral constraints. The model highlights interactions among the real exchange rate, interest rates, and financial frictions. The real exchange rate can affect international credit constraints via a net worth effect and a novel leverage ratio effect. Unconventional policies are non-neutral if financial constraints bind. Credit programs are most effective when targeted towards financial intermediaries. Sterilized interventions matter because the increased availability of tradables associated with sterilization relaxes financial frictions.