Credibility and the Dynamics of Stabilization Policy : A Basic Framework

A Basic Framework

Credibility and the Dynamics of Stabilization Policy : A Basic Framework
This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates,... READ MORE...

Publication date: November 1990
ISBN 9781451945584
$15.00

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