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Searching for Nominal Anchors in Shock-Prone Economies in the 1990s: Inflation Targets and Exchange Rate Bands

Author

Listed:
  • leiderman, L.
  • Bufman, G.

Abstract

We do not intent here to explore the choice of nominal anchors in the context of major inflation-stabilization programmes, as this topics has been covered, to a large extent, in proceding literature. Instead, we focus on cases of moderate inflation, such as Chile, Colombia, Israel and Mexico. In these countries despite a serious disinflation and a market adjustment in fiscal and monetary fundamentals , there is still a moderate inflation rate differential vis-a-vis trading partners, and there is a policy goal gradually to reduce the differential in the near future.

Suggested Citation

  • leiderman, L. & Bufman, G., 1996. "Searching for Nominal Anchors in Shock-Prone Economies in the 1990s: Inflation Targets and Exchange Rate Bands," Papers 15-96, Tel Aviv.
  • Handle: RePEc:fth:teavfo:15-96
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    Citations

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    Cited by:

    1. Cukierman, Alex & Spiegel, Yossi & Leiderman, Leonardo, 2004. "The choice of exchange rate bands: balancing credibility and flexibility," Journal of International Economics, Elsevier, vol. 62(2), pages 379-408, March.
    2. Amato, Jeffery D. & Gerlach, Stefan, 2002. "Inflation targeting in emerging market and transition economies: Lessons after a decade," European Economic Review, Elsevier, vol. 46(4-5), pages 781-790, May.
    3. Steven B. Kamin, 1997. "A multi-country comparison of the linkages between inflation and exchange rate competitiveness," BIS Working Papers 45, Bank for International Settlements.

    More about this item

    Keywords

    EXCHANGE RATE; MONETARY POLICY;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy

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