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

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.

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Year of publication:	2012-01-17
Authors:	Sánchez-Fung, José R. ; Prazmowski, Peter A.
Institutions:	School of Economics, Kingston University
Subject:	Inflation stabilisation \| credibility \| nominal anchors \| IMF programmes

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Extent:	application/pdf
Series:	Economics Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	http://eprints.kingston.ac.uk/22817/ The text is part of a series Economics Discussion Papers Number 2012-1 19 pages
Classification:	E31 - Price Level; Inflation; Deflation ; E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization ; F41 - Open Economy Macroeconomics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009415565