Stabilization Dynamics and Backward-Looking Contracts

Stabilization Dynamics and Backward-Looking Contracts
Exchange rate-based stabilizations often result in an initial output expansion. One explanation for this phenomenon has been that, in the presence of inflation inertia, a reduction in the nominal interest rate causes the domestic real interest rate to fall, thus increasing aggregate demand. This paper reexamines this issue in the context of an... READ MORE...

Publication date: March 1993
ISBN 9781451844726
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