Exchange Rate Based Stabilization under Imperfect Credibility is popular PDF and ePub book, written by Mr.Guillermo Calvo in 1991-08-01, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Exchange Rate Based Stabilization under Imperfect Credibility can be Read Online from any device for your convenience.
Exchange Rate Based Stabilization under Imperfect Credibility Book PDF Summary
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 in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout the program, thus resulting in a sustained real exchange rate appreciation.
Detail Book of Exchange Rate Based Stabilization under Imperfect Credibility PDF
- Author : Mr.Guillermo Calvo
- Release : 01 August 1991
- Publisher : International Monetary Fund
- ISBN : 9781451849912
- Genre : Business & Economics
- Total Page : 34 pages
- Language : English
- PDF File Size : 14,5 Mb
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