The Italian Lira in the Narrow Erm Band : The Challenge of Credibility

The Challenge of Credibility

The Italian Lira in the Narrow Erm Band : The Challenge of Credibility
Under free capital mobility, a high-inflation country pursuing a nonaccommodating exchange rate policy will have higher real interest rates than its lower-inflation trading partners as long as that policy is not credible. If the policy gains credibility prior to inflation convergence, the sign of the real interest rate differential may be... READ MORE...

Publication date: February 1991
ISBN 9781451843682
$15.00

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