Tovar, Camilo E - Bank for International Settlements (BIS) - 2005
defined as an increase in the central bank's nominal exchange rate target, which induces a decrease in the nominal interest … dollar-denominated, and a monetary channel associated with an interest rule that targets the nominal exchange rate. The model … is calibrated and simulated under alternative scenarios of exchange rate regimes and shocks. Devaluations are found to be …