Price and Monetary Dynamics Under Alternative Exchange Rate Regimes

Price and Monetary Dynamics Under Alternative Exchange Rate Regimes
According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for OECD countries. After allowing for the upward bias to persistence estimates created by shifts in mean inflation, the paper finds... READ MORE...

Publication date: May 1999
ISBN 9781451848885
$15.00

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