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Inflation Targeting and Exchange Rate Management In Less Developed Countries
Mr.Marco AiraudoMr.Edward F. BuffieLuis-Felipe Zanna
出版International Monetary Fund, 2016-03-08
主題Business & Economics / Foreign ExchangeBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Inflation
ISBN14755231659781475523164
URLhttp://books.google.com.hk/books?id=YWT9CwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.