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Assessing the impact of different nominal anchors on the credibility of stabilisation programmes

Peter A. Prazmowski and José Sánchez-Fung
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Peter A. Prazmowski: American Chamber of Commerce of the Dominican Republic

No 2012-1, Economics Discussion Papers from School of Economics, Kingston University London

Abstract: The paper compares the impact of announcing exchange-rate-based versus money-based stabilisation programmes in a cross-section of countries. The analysis finds that the effect of announcing exchange-rate-based programmes is more credible, in terms of reducing inflation inertia, than the outcome associated with implementing money-based programmes. But the gap between the magnitudes of the impacts from implementing the different strategies has been falling since the 1970s.

Keywords: Inflation stabilisation; credibility; nominal anchors; IMF programmes (search for similar items in EconPapers)
JEL-codes: E31 E63 F41 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2012-01-17
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: http://eprints.kingston.ac.uk/22817/
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Journal Article: Assessing the impact of different nominal anchors on the credibility of stabilisation programmes (2014) Downloads
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