Bad Dreams Under Alternative Anchors : Are the Consequences Different?

Are the Consequences Different?

Bad Dreams Under Alternative Anchors : Are the Consequences Different?
Using a simple model, this paper shows how a strict monetary rule exhibits characteristics similar to those of an exchange rate anchor, in terms of a lack of robustness in the presence of adverse expectations ("bad dreams"). More specifically, as an anticipated devaluation under an exchange rate rule leads to well-known contractionary effects,... READ MORE...

Publication date: January 2000
ISBN 9781451843835
$15.00

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