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Exchange-Rate-Based Stabilization under Imperfect Credibility
Mr.Guillermo CalvoMr.Carlos A. Végh Gramont
出版International Monetary Fund, 1991-08-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Foreign ExchangeBusiness & Economics / Inflation
ISBN14518499159781451849912
URLhttp://books.google.com.hk/books?id=lFUYEAAAQBAJ&hl=&source=gbs_api
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註釋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.