Efectos de acuerdos cambiarios cooperativos y no- cooperativos sobre la predictibilidad en el nivel de los precios

Umberto Della Mea ()
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Umberto Della Mea: Banco Central del Uruguay

No 8, Documentos de trabajo from Banco Central del Uruguay

Abstract: This paper analyses in a very simple framework the effects of an exchange rate agreement on a measure of uncertainty in the level of prices. We assume the existence of two economies which are exposed to random shocks over their money demands. The monetary authorities determine an intervention rule as a reaction to these shocks. Our results suggest that if this reaction is decided in a non-cooperative way, both countries might worsen their performance relative to autarky. However, if both countries act in a cooperative way, they might improve their position

Pages: 19 pages
Date: 1991
Note: Presentado en las Sextas Jornadas Anuales de Economía del BCU. Montevideo, 4-5 de noviembre de 1991
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