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Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries

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  • Peter J. Montiel

    (International Monetary Fund)

  • Jonathan D. Ostry

    (International Monetary Fund)

Abstract

The macroeconomic effects of a variety of exogenous and policy-induced real disturbances are examined under the assumption that the authorities target the level of the real exchange rate. We first discuss the implications--particularly for inflation and the current account--of targeting the rate at an "overdepreciated" level, and then examine the dynamic response of both output and inflation to a number of shocks. Further applications of the model to fiscal explanations of inflation, high-inflation plateaus, and money-based stabilization programs are also considered.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 38 (1991)
Issue (Month): 4 (December)
Pages: 872-900

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Handle: RePEc:pal:imfstp:v:38:y:1991:i:4:p:872-900

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