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Stylized facts in chronicinflation stabilization
Temporary Reduction in the Devaluation Rate
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12-Month Inflation Rate analytical Argentina Argentinean argued Austral Plan backward indexation behavior Bolivia Bolivian hyperinflation Brazil budget deficits Cagan Calvo and Vegh chronic inflation chronic-inflation countries consumption of home consumption of traded discussed Disinflation domestic real interest Dornbusch 1988 episodes equation European hyperinflations excess demand exchange rate appreciation exchange-rate-based stabilization Figure 14 fiscal adjustment fully credible Guido di Tella Helpman heterodox programs home-goods increase inflation countries inflation of home initial Kiguel and Liviatan lack of credibility Makinen Massachussets money-based stabilization nominal exchange rate nominal interest rate non-credible paper Pazos percent of GDP permanent reduction policymakers predictions price and wage price controls rate of devaluation rate-based stabilization real domestic interest real exchange rate real interest rates recession Sachs Sargent Seigniorage Southern Cone stabilization attempt stabilization plans Stabilization Policies Stanley Fischer stopping hyperinflation stylized facts Tablita Taiwanese hyperinflation temporary reduction Trade Balance transition Uruguay Uruguayan wage controls