Real Exchange Rate Targeting Under Imperfect Asset Substitutability /

This paper presents a model of an economy that uses nominal exchange rate policy to keep the real exchange rate constant at a certain target level, under imperfect asset substitutability. The paper discusses the determinants of inflation under such a policy, and examines the consequences of exogenou...

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Hlavní autor: Lizondo, Jose Saul
Médium: Časopis
Jazyk:English
Vydáno: Washington, D.C. : International Monetary Fund, 1993.
Edice:IMF Working Papers; Working Paper ; No. 1993/038
On-line přístup:Full text available on IMF
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300 |a 1 online resource (30 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper presents a model of an economy that uses nominal exchange rate policy to keep the real exchange rate constant at a certain target level, under imperfect asset substitutability. The paper discusses the determinants of inflation under such a policy, and examines the consequences of exogenous and policy-induced shocks on inflation, the external accounts, and the fiscal accounts. The shocks considered include changes in the real exchange rate target, changes in fiscal policy, changes in foreign interest rates, and open market sales of public sector domestic bonds. 
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830 0 |a IMF Working Papers; Working Paper ;  |v No. 1993/038 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1993/038/001.1993.issue-038-en.xml  |z IMF e-Library