01672cas a2200241 a 4500 AALejournalIMF000884 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451848885 1018-5941 BD-DhAAL BD-DhAAL Bleaney, M. Price and Monetary Dynamics Under Alternative Exchange Rate Regimes / M. Bleaney. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (19 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for OECD countries. After allowing for the upward bias to persistence estimates created by shifts in mean inflation, the paper finds persistence has a greater spread (but not a higher mean) in the floating-rate period, as predicted by theory. Monetary growth has been much less accommodative of inflation under floating rates, most probably because of the shifts in monetary policy rather than those in exchange rate regime. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1999/067 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/067/001.1999.issue-067-en.xml IMF e-Library