Credibility and the Dynamics of Stabilization Policy : A Basic Framework /
This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating rea...
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| Format: | Revija |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
1990.
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| Serija: | IMF Working Papers; Working Paper ;
No. 1990/110 |
| Online dostop: | Full text available on IMF |