Credibility And The Dynamics Of Stabilization Policy

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Credibility And The Dynamics Of Stabilization Policy

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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1990-11-01

Credibility And The Dynamics Of Stabilization Policy written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-11-01 with Business & Economics categories.

This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.

Credibility And The Dynamics Of Stabilization Policy

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Author : Guillermo Calvo
language : en
Publisher:
Release Date : 1990

Credibility And The Dynamics Of Stabilization Policy written by Guillermo Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Economic stabilization categories.

Exchange Rate Based Stabilization Under Imperfect Credibility

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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1991-08-01

Exchange Rate Based Stabilization Under Imperfect Credibility written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-08-01 with Business & Economics categories.

This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout the program, thus resulting in a sustained real exchange rate appreciation.

Credibility And The Dynamics Of Stabilization Policy

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Author : Carlos Végh
language : en
Publisher:
Release Date : 2006

Credibility And The Dynamics Of Stabilization Policy written by Carlos Végh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.

On Credible Disinflation

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Author : Mr.Jorge Roldos
language : en
Publisher: International Monetary Fund
Release Date : 1993-11-01

On Credible Disinflation written by Mr.Jorge Roldos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-11-01 with Business & Economics categories.

We study the effects of a credible, gradual exchange rate based disinflation program in a two sector economy. After an initial real exchange rate depreciation, the reductions in the rate of devaluation reduce the monetary wedge generated by a cash in advance constraint, leading to a gradual increase in absorption that yields progressive real exchange rate appreciations and current account deficits. An initial boom in economic activity is not followed by a later contraction, as labor supply expands during the whole length of the program.

Imf Staff Papers

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1996-01-01

Imf Staff Papers written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-01-01 with Business & Economics categories.

This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on the flexibility of the labor market and the evidence regarding the wage and employment effects of trade reform are discussed next. The last part of the paper identifies a variety of issues that may require further investigation.

Imf Working Paper

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Author :
language : en
Publisher:
Release Date : 1996

Imf Working Paper written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Finance categories.

Stabilization And Structural Adjustment In Poland

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Author : Henryk Kierzkowski
language : en
Publisher: Routledge
Release Date : 2013-04-15

Stabilization And Structural Adjustment In Poland written by Henryk Kierzkowski and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-15 with Business & Economics categories.

The Solidarity-led government which came into power in Poland in Autumn 1989 faced two enormous tasks. First, to stabilize an economy prone to hyperflation. Second, to replace a crumbling command system in favour of a market mechanism, in a country whose market institutions had been destroyed under forty years of communist rule. This book recounts the events of this period and the course taken by the new government, and analyzes the significance of this for the transition process in Poland and elsewhere.

Great Inflations Of The 20th Century

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Author : Pierre L. Siklos
language : en
Publisher: Edward Elgar Publishing
Release Date : 1995-01-01

Great Inflations Of The 20th Century written by Pierre L. Siklos and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-01-01 with Business & Economics categories.

'. . . the book contains an interesting collection of articles. . .' - Jan Kakes, De Economist 'In short Pierre Siklos has put together a book that is informative, thought provoking, and fun to read.' - Bruce D. Smith, Journal of Economic History The problems associated with chronically high inflation and hyperinflation continue to preoccupy policy makers and economists. In Great Inflations of the 20th Century, Pierre Siklos has gathered together major papers by a distinguished group of scholars who use historical episodes to understand and explain a key issue.

Advances In Econometrics Volume 2

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Author : Christopher A. Sims
language : en
Publisher: Cambridge University Press
Release Date : 1996-03-07

Advances In Econometrics Volume 2 written by Christopher A. Sims and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-03-07 with Business & Economics categories.

This 1994 two-volume set of articles reflects the state of research in theoretical and applied econometrics. The topics covered include time series methods, semiparametric methods, seasonality, financial economics, model solution techniques, economic development and labour economics.