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abandon the fixed assume bank's loss function banker Barro behavior is derived borrow budget budget deficit cares about debt cash-in-advance constraint central bank's loss closed economy collapse commitment common supply shocks consumer O's Consumer Price Index consumption country's CPI inflation credibility problem currency N David Gordon debt discount rate discretionary policy Doctor of Philosophy domestic central bank's domestic currency domestic discretionary policy domestic government domestic money domestic money growth Economics endogenous Equations exchange rate pegging exchange value exogenous expected inflation first-order condition fixed exchange rate fixed money growth fixed rate foreign central bank foreign country foreign exchange market Friedman's rule gains to policy GAME THEORY Garber government budget government debt growth rule high inflation high-inflation country home central bank However HRdm Imperfect Information implies incentive inflate in period inflation country inflation rate inflation tax information set Journal KENNETH ROGOFF KRdm L(t+l,x labor market distortion loss function lower inflation MACROECONOMICS maximize Monetary Economics monetary policy coordination money growth rate money supply MR,F Nash equilibrium negative supply shock nominal exchange rate nominal interest rate O's problem Obstfeld OPEN ECONOMY optimal money growth optimizing central bank output period in advance peso policy credibility Political Economy price level private agents private sector probability of abandonment random variable rate of inflation rational expectations real exchange depreciation real exchange rate real interest rate real wage representative agent reserves Robert Wilson Rogoff speculative attacks speculative selling stabilization component stochastic subjective discount symmetric tariff terms of trade thesis towards stabilizing domestic trade two-country world types of central unexpected money unilateral Unilateral Nominal Exchange University of Wisconsin-Madison utility functions wage-setters WISCONSIN