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|z 9781451971644
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Gros, Daniel.
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|a Stabilization Policy with Bands /
|c Daniel Gros.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1990.
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|a 1 online resource (24 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 discusses stabilization policy in the presence of bands for the exchange rate. The bands are modelled in a probabilistic sense: monetary policy has to be such as to keep the probability, that the exchange rate stays within the bands, above a certain threshold. In contrast to other models of target zones, this formulation leads to a linear decision rule and implies sizeable intra-marginal interventions, which corresponds to the experience in the EMS. The extent to which short-run monetary policy is constraint by the bands depends on its own long-run components and on fiscal policy.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1990/049
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1990/049/001.1990.issue-049-en.xml
|z IMF e-Library
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