Exchange Rate Appreciation As a Signal of a New Policy Stance /
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 appreciation demonstrates to domestic producers and more precisely to the trade union that the new p...
| Main Author: | |
|---|---|
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1991.
|
| Series: | IMF Working Papers; Working Paper ;
No. 1991/032 |
| Online Access: | Full text available on IMF |