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Assessing the impact of different nominal anchors on the credibility of stabilisation programmes

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Author Info

  • Prazmowski, Peter A.

    (American Chamber of Commerce of the Dominican Republic)

  • Sánchez-Fung, José R.

    ()
    (Kingston University)

Abstract

The paper compares the impact of announcing exchange-rate-based versus money-based stabilisation programmes in a cross-section of countries. The analysis finds that the effect of announcing exchange-rate-based programmes is more credible, in terms of reducing inflation inertia, than the outcome associated with implementing money-based programmes. But the gap between the magnitudes of the impacts from implementing the different strategies has been falling since the 1970s.

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File URL: http://eprints.kingston.ac.uk/22817/
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Bibliographic Info

Paper provided by School of Economics, Kingston University London in its series Economics Discussion Papers with number 2012-1.

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Length: 19 pages
Date of creation: 17 Jan 2012
Date of revision:
Handle: RePEc:ris:kngedp:2012_001

Note: http://eprints.kingston.ac.uk/22817/
Contact details of provider:
Postal: Kingston University London, School of Economics, Penrhyn Road, Kingston upon Thames, Surrey, KT1 2EE, UK
Web page: http://fass.kingston.ac.uk/schools/economics/
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Keywords: Inflation stabilisation; credibility; nominal anchors; IMF programmes;

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