01633cas a2200241 a 4500 AALejournalIMF002410 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451845068 1018-5941 BD-DhAAL BD-DhAAL Winckler, Georg. Exchange Rate Appreciation As a Signal of a New Policy Stance / Georg Winckler. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (20 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 It is shown in a game theoretic framework that it may pay off to signal a 'conservative' policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new policy stance is meant to be serious. An example explores the welfare implication for the policy maker and the trade union. The empirical background of the paper refers to the monetary policy in Europe. It explains the occurrence of exchange rate commitments to the deutsche mark, with appreciated rates. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1991/032 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/032/001.1991.issue-032-en.xml IMF e-Library