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Exchange Rate Bands and Monetary Policy: The Case of Mexico

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  • Moisés J. Schwartz

    (Banco de México. México, D.F. Mexico.)

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    Abstract

    In addition to the well-known policy recommendations of tight fiscal and monetary policies to curb inflation in traditional stabilization programs, the disinflation attempt in Mexico relied on the exchange rate as a nominal anchor. The exchange rate regimen evolved from a publicly announced rate of devaluation of the peso to a fully-fledged exchange rate band. The gradual widening of the band and its asymmetric feature combined a considerable degree of certainty with a greater degree of flexibility. The paper analyses the role played by exchange rate policy in Mexico’s stabilization effort and its monetary policy implications. Special emphasis is given to intra-marginal interventions by the Central Bank.

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    File URL: http://www.economiamexicana.cide.edu/num_anteriores/III-2/02_SCHWARTZ_(287-317).pdf
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    Bibliographic Info

    Article provided by in its journal Economia Mexicana NUEVA EPOCA.

    Volume (Year): III (1994)
    Issue (Month): 2 (July-December)
    Pages: 287-317

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    Handle: RePEc:emc:ecomex:v:3:y:1994:i:2:p:287-317

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    Cited by:
    1. David M. Gould, 1995. "Mexico's crisis: looking back to assess the future," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 2-12.

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