How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?

How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?
This paper analyzes the consequences of a shift from a floating to a pegged exchange rate regime on the actual and expected inflation rate, in an environment of asymmetric information. Policymaking is endogenous and the public learns rationally. There are two main findings. First, there is a "honeymoon effect" after the regime change, where... READ MORE...

Publication date: June 1994
ISBN 9781451960372
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