On Credible Disinflation
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On Credible Disinflation
Author | : Mr.Jorge Roldos |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 1993-11-01 |
Genre | : Business & Economics |
ISBN | : 1451851340 |
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We study the effects of a credible, gradual exchange rate based disinflation program in a two sector economy. After an initial real exchange rate depreciation, the reductions in the rate of devaluation reduce the monetary wedge generated by a cash in advance constraint, leading to a gradual increase in absorption that yields progressive real exchange rate appreciations and current account deficits. An initial boom in economic activity is not followed by a later contraction, as labor supply expands during the whole length of the program.
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