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Timing number and size of realignments in the Periphery
Symmetric cooperation in the Periphery
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abandoning the peg aggregate demand shock analysis bilateral real exchange Center country ceteris paribus cooperative agreement coordinated symmetric equilibrium cost of abandoning countries devalue country i's crises currency devaluation rate domestic Economic effective real exchange employment equation ex-ante ex-post exchange rate crisis exchange rate parity exchange rate regime exchange rate system exchange rate target expansion in country expectations fixed exchange rate fixed parity floating exchange rate framework GDP deflator given fundamentals horizontal equity constraint implies inflationary bias intra-Periphery loss function maintain the peg monetary expansion money demand money stock money supply money wage Nash equilibrium national horizontal equity NBER Working Papers nominal exchange rate nominal wages objective function Obstfeld optimal monetary policy output Periphery countries Periphery nations play Nash policy actions policy coordination policy makers reaction functions real exchange rate real interest rate realization speculative attack target level variables vis-a-vis the Center welfare cost