01528cas a2200241 a 4500 AALejournalIMF017023 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475523201 1018-5941 BD-DhAAL BD-DhAAL Cerra, Valerie. Inflation and the Black Market Exchange Rate in a Repressed Market : A Model of Venezuela / Valerie Cerra. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (52 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 This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper-depreciation of the black market exchange rate reflects prices in the most distorted goods markets. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2016/159 Full text available on IMF http://elibrary.imf.org/view/journals/001/2016/159/001.2016.issue-159-en.xml IMF e-Library