Exchange-Rate-Based Stabilization under Imperfect Credibility /
This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In...
| Autor principal: | |
|---|---|
| Altres autors: | |
| Format: | Revista |
| Idioma: | English |
| Publicat: |
Washington, D.C. :
International Monetary Fund,
1991.
|
| Col·lecció: | IMF Working Papers; Working Paper ;
No. 1991/077 |
| Accés en línia: | Full text available on IMF |