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Macroeconomic Stability: Transition Towards the Nominal Exchange Rate Stability

František Brázdik and Juraj Antal

CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague

Abstract: The novelty of this work is in the presentation of a theoretical frame work that allows the modeling of an announced switch of the monetary regime. In our experiment, the monetary authority announces stabilization of the nominal exchange rate after the announced number of periods. We analyze the effects of the monetary policy regime for the macroeconomic stability over the transition period. For our analysis, we consider representative forms of standard monetary regimes. Moreover, we rank the examined regimes in terms of loss functions.

Keywords: New Keynesian models; small open economy; monetary regime switch. (search for similar items in EconPapers)
JEL-codes: E17 E31 E52 E58 E61 F02 F41 (search for similar items in EconPapers)
Date: 2008-10
New Economics Papers: this item is included in nep-ifn, nep-mac, nep-mon and nep-opm
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