Real Effects of Exchange Rate-Based Stabilization : An Analysis of Competing Theories

Sergio Rebelo, Carlos A. Vegh

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 analyzed 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

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Year of publication:	July 1995
Authors:	Rebelo, Sergio
Other Persons:	Vegh, Carlos A. (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Theorie \| Theory \| Mexiko \| Mexico \| Inflationsbekämpfung \| Anti-inflation policy \| Wechselkurspolitik \| Exchange rate policy \| Argentinien \| Argentina \| Israel \| Uruguay

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