When Are Fixed Exchange Rates Really Fixed?

A. Velasco

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: This paper analyzes the sustainability of fixed exchange rates by extending the Barro-Gordon framework to a fully dynamic context in which the level of a state variable (in this case debt) determines the payoffs available to the government at each point of time.

Keywords: EXCHANGE RATE; FINANCIAL POLICY (search for similar items in EconPapers)
JEL-codes: E52 F31 O32 (search for similar items in EconPapers)
Pages: 24 pages
Date: 1996
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:cvs:starer:96-42

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