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Faut-il passer en changes fixes après un choc inflationniste ?

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  • Patrick Artus

Abstract

When countries are hit by an inflationnary disturbance, they often fix their nominal exchange rate to ensure a quick disinflation. We compare this strategy with the one consisting in maintening the previous exchange rate regime of a continuously depreciating currency. We show that the loss in production is larger in the case of a fixed nominal parity; if this leads to a switch back to flexible exchange rates in the future, there may be, in the short run, more inflation with the fixed exchange rate regi me, which obviously leads to reject the choice of such a regime to react to an inflationnary schock.

Suggested Citation

  • Patrick Artus, 2004. "Faut-il passer en changes fixes après un choc inflationniste ?," Annals of Economics and Statistics, GENES, issue 74, pages 83-104.
    • Handle: RePEc:adr:anecst:y:2004:i:74:p:83-104
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