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|z 9781451943412
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|a 1018-5941
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|a Murgasova, Zuzana.
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|a Exchange Rate Pass-Through in Spain /
|c Zuzana Murgasova.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1996.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the 1992-93 Exchange Rate Mechanism (ERM) crisis. The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. The short-run dynamics are obtained from error-correction models. The model is then simulated by calibrating changes in the exogenous variables to their actual values. The results indicate that the cost-push-up effect of devaluations may have been completely offset by determinants of the cyclical position of the economy and the low inflation rate in 1993-94 should not be viewed as unusual.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1996/114
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1996/114/001.1996.issue-114-en.xml
|z IMF e-Library
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