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|z 9781513556383
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|a El Hamiani Khatat, Mariam.
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|a Monetary Policy Under an Exchange Rate Anchor /
|c Mariam El Hamiani Khatat, Mark Buessings-Loercks, Vincent Fleuriet.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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|a 1 online resource (47 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 argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main monetary policy instrument while the policy rate can target the exchange rate. An exchange rate anchor is compatible with an inflation objective, provided fiscal dominance is not an issue, monetary conditions are supportive of the peg, and the level of international reserves is adequate. The paper argues that, while an exchange rate anchor is more prone to policy inconsistencies, there is ample scope for strengthening monetary policy design and implementation under soft pegs. In that context, the principles of dichotomy and interest rate parity are critical.
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|a Mode of access: Internet
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|a Buessings-Loercks, Mark.
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|a Fleuriet, Vincent.
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|a IMF Working Papers; Working Paper ;
|v No. 2020/180
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2020/180/001.2020.issue-180-en.xml
|z IMF e-Library
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