Exchange Rate Management: Intertemporal Tradeoffs
AbstractExchange-rate management is possible only if the government pursues consistent monetary and fiscal policies. The authors constructa model in which the real consequences of exchange-rate management depend on the precise time pattern of these policies. The authors study the constraints on feasible policies and the comparative dynamics of disinflation by means of exchange-rate targeting. Theoretical results are consistent with exchange-rate-managed disinflation attempts in Argentina, Chile, and Israel. Copyright 1987 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 77 (1987)
Issue (Month): 1 (March)
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