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Exchange Rate Appreciation As a Signal of a New Policy Stance

Exchange Rate Appreciation As a Signal of a New Policy Stance »

Source: Exchange Rate Appreciation As a Signal of a New Policy Stance

Volume/Issue: 1991/32

Series: IMF Working Papers

Author(s): Georg Winckler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1991

ISBN: 9781451845068

Keywords: exchange rate, central bank, inflation, real exchange rate, exchange rate commitment

It is shown in a game theoretic framework that it may pay off to signal a “conservative” policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciati...

Exchange Rate Appreciation As a Signal of a New Policy Stance

Exchange Rate Appreciation As a Signal of a New Policy Stance »

Volume/Issue: 1991/32

Series: IMF Working Papers

Author(s): Georg Winckler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1991

DOI: http://dx.doi.org/10.5089/9781451845068.001

ISBN: 9781451845068

Keywords: exchange rate, central bank, inflation, real exchange rate, exchange rate commitment

It is shown in a game theoretic framework that it may pay off to signal a “conservative” policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciati...