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Real Effects of Anticipated Reforms
Summary and Conclusions
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aggregate demand anticipation of reform APPENDIX assumption behavior of output Bexp(p2t coefficients condition on reserves denote developing countries domestic currency dual rate regime elasticity of money equation 8a equations 13 equations 21 exchange rate appreciation exchange rate jumps exchange rate reform exchange rate regime exp(p t Figure flexible exchange rate flexible rate regime floating exchange rate Flood and Marion foreign assets foreign exchange markets foreign reserves future reform initial condition interest parity condition interest rate INTERNATIONAL MONETARY FUND Kiguel and Lizondo nominal money nominal wages official and parallel official exchange rate official market official rate official reserves parallel exchange rate parallel market premium parallel rate path of reserves perfect foresight perfectly anticipated positive premium price level rate and foreign Real Effects real exchange rate reform announcement reform is implemented repatriated rise in prices setting solutions are given steady-state value trade balance transition unification attempt unification process variables