Exchange-Rate-Based Stabilization under Imperfect Credibility

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 contrast, a non-credible stabilization results... READ MORE...

Publication date: August 1991
ISBN 9781451849912
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