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|z 9781513567433
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|a 1018-5941
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|a Airaudo, Marco.
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|a Inflation Targeting and Exchange Rate Management In Less Developed Countries /
|c Marco Airaudo, Edward Buffie, Luis-Felipe Zanna.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (65 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 We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
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|a Mode of access: Internet
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|a Buffie, Edward.
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|a Zanna, Luis-Felipe.
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|a IMF Working Papers; Working Paper ;
|v No. 2016/055
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/055/001.2016.issue-055-en.xml
|z IMF e-Library
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