Transitional Exchange Rate Policy in a Low Per Capita Income Country
In our intertemporal optimizing model the equilibrium real exchange rate is determined by a sustainable balancing of the current and capital accounts of the balance of payments. Under perfect global capital mobility and managed exchange rate, a rise in expected depreciation of the exchange rate is associated with a fall in money balances. A real wage target translates into a real exchange rate target, that conflicts with the exchange rate required for the intertemporal balance of payments equilibrium.
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