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...
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| 格式: | 杂志 |
| 语言: | English |
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Washington, D.C. :
International Monetary Fund,
1991.
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| 丛编: | IMF Working Papers; Working Paper ;
No. 1991/077 |
| 在线阅读: | Full text available on IMF |