Stabilization Dynamics and Backward-Looking Contracts /
Exchange rate-based stabilizations often result in an initial output expansion. One explanation for this phenomenon has been that, in the presence of inflation inertia, a reduction in the nominal interest rate causes the domestic real interest rate to fall, thus increasing aggregate demand. This pap...
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| 格式: | 雜誌 |
| 語言: | English |
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Washington, D.C. :
International Monetary Fund,
1993.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 1993/029 |
| 在線閱讀: | Full text available on IMF |