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|z 9781451921427
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|a 1018-5941
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|a Calvo, Guillermo.
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|a Interest Rate Targeting in a Small Open Economy :
|b The Predetermined Exchange Rates Case /
|c Guillermo Calvo, Carlos Vegh Gramont.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1990.
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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 An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.
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|a Mode of access: Internet
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|a Vegh Gramont, Carlos.
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|a IMF Working Papers; Working Paper ;
|v No. 1990/021
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1990/021/001.1990.issue-021-en.xml
|z IMF e-Library
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