Rajan, Ramkishen S.; Parulkar, Makarand - In: Emerging Markets Finance and Trade 44 (2008) 3, pp. 21-33
When analyzing the appropriate response for monetary policy during a currency crisis, it is important to keep in mind two distinct channels: the effect of raising interest rates on exchange rates and the direct effect of exchange rate changes on output. The first pertains to the monetary side of...