というNBER論文(原題は「Exchange Controls As A Fiscal Instrument」)をStephanie Schmitt-Grohé(コロンビア大)とMartín Uribe(同)が上げている(ungated版)。以下はその要旨。 About 20 percent of countries have in place dual, multiple, or parallel exchange rates. Exchange controls represent a form of distortionary commercial policy. We study an optimal taxation problem of a government with chronic fiscal deficits and two distortionary instrum