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Is the Exchange Rate an Effective Anti-inflationary Policy Instrument?

  • Pavlos Karadeloglou

    (Bank of Creece, Economic Research Department, Athens, Greece)

  • Christos Papazoglou

    (University of Crete, Department of Economics, Crete and Bank of Greece, Economic Research Department, Athens, Greece)

  • George Zombanakis

    (Bank of Greece, Economic Research Department, Athens, Greece)

This paper aims at evaluating the performance of the so called ?hard currency policy? as an anti-inflationary weapon. The analysis takes place in the context of the Greek economy on the basis of a five-equation model including the behaviour of wages, import and export prices, the consumer price index as well as the GDP. The Simulation results indicate that the hard drachma policy is not adequate by itself as an inflation fighting device, unless it is accompanied by other anti-inflationary policies such as fiscal or incomes policy.

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Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 2 (1998)
Issue (Month): 1 (Summer)
Pages: 47-72

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Handle: RePEc:ekn:ekonom:v:2:y:1998:i:1:p:47-72
Contact details of provider: Web page: http://www.ekonomia.ucy.ac.cy/

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