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Theory and Evidence
出版International Monetary Fund, 1994-02-01
主題Business & Economics / Foreign ExchangeBusiness & Economics / InflationBusiness & Economics / Banks & Banking
ISBN14519212179781451921212
URLhttp://books.google.com.hk/books?id=r4YYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.