Exchange rate rules in support of disinflation programs in developing countries
Board of Governors of the Federal Reserve System, 1991 - Inflation (Finance) - 35 pages
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aggregate inflation analysis announcement period Argentina assumed balance-of-payments crisis capital account capital inflows crawling peg crises deficit Sq devalue the exchange Dirty float disinflation process disinflation program Dornbusch equation equilibrium exchange rate competitive exchange rate depreciation exchange rate policies exchange rate rule expected fiscal adjustment fiscal breakdown fiscal deficit fiscal program breakdown fixed exchange rate fixed nominal exchange Footnote continued force the government Frozen nominal rate government's credibility high inflation indexing ratio inertial inflation inflation in Period inflationary initial undervaluation loss function monetary growth nominal exchange rate non-tradeables inflation non-tradeables prices Orphanides paper possibility private sector probability of program program failure program in Period program success raises the probability rate in Period ratio f real exchange rate reduce inflation reserves crisis residual inflation seignorage social losses stabilization program steady steady-state structural surplus sustained threshold inflation rate tradeables inflation tradeables price transition period World Bank zero zero-inflation