Galindo Andrade, Arturo José - In: Journal of development economics 63 (2000) 2, pp. 473-484
A model of imperfect credibility, in the spirit of Bertola and Svensson, is derived and estimated using Colombian data. The main feature of the model is that central-parity depreciation expectations are endogenous with respect to the position of the exchange rate inside the target zone. (DSE/DÜI)