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Exchange-Rate-Based Stabilization under Imperfect Credibility

Exchange-Rate-Based Stabilization under Imperfect Credibility »

Source: Exchange-Rate-Based Stabilization under Imperfect Credibility

Volume/Issue: 1991/77

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1991

ISBN: 9781451849912

Keywords: exchange rate, real exchange rate, inflation rate, nominal interest rate

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 p...

Exchange-Rate-Based Stabilization under Imperfect Credibility

Exchange-Rate-Based Stabilization under Imperfect Credibility »

Volume/Issue: 1991/77

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1991

DOI: http://dx.doi.org/10.5089/9781451849912.001

ISBN: 9781451849912

Keywords: exchange rate, real exchange rate, inflation rate, nominal interest rate

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 p...