Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories
Sergio Rebelo ()
No 1220, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Abstract:
This paper uses a unified analytical framework to assess, both qualitatively and quantitatively, the relevance of the different hypotheses that have been proposed to explain the real effects of exchange-rate-based stabilizations. The four major hypotheses analysed are: (i) the supply-side effects associated with an inflation decline; (ii) the perception that the exchange rate peg is temporary; (iii) the fiscal adjustments that tend to accompany the peg; and (iv) the existence of nominal rigidities in wages or prices.
Keywords: Fixed Exchange Rates; Inflation; Stabilization (search for similar items in EconPapers)
JEL-codes: F41 (search for similar items in EconPapers)
Date: 1995-08
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Related works:
Chapter: Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories (1995) 
Working Paper: Real Effects of Exchange Rate-Based Stabilization: An Analysis of Competing Theories (1995) 
Working Paper: Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories (1995)
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