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|z 9781455202164
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|a 1018-5941
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|a Medina Guzman, Juan Pablo.
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|a Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? /
|c Juan Pablo Medina Guzman, Ruy Lama.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2010.
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|a 1 online resource (43 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 evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
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|a Mode of access: Internet
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|a Lama, Ruy.
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|a IMF Working Papers; Working Paper ;
|v No. 2010/182
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2010/182/001.2010.issue-182-en.xml
|z IMF e-Library
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