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Department of Economics, WU (Wirtschaftsuniversität Wien) Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)

No 50:
Exchange Rate-Based Stabilization: Pleasant Monetary Dynamics?

Gert Wehinger ()

Abstract: High inflation economies have ultimately been successful in stabilising their prices using the exchange rate as a nominal anchor. Besides stabilization, these recent examples have shown boom-recession cycles, contrary to what can be expected from (pure) money-based stabilizations. Various theoretical explanations of such boom-cycles are discussed and a model of aggregate supply and demand generating such an outcome is developed. There the boom dynamics depend mainly on a slump in real interest rates and wage flexibility.

Keywords: Macroeconomic modelling; exchange rate-based stabilization; high inflation; Latin America.; (follow links to similar papers)

JEL-Codes: E10; E31; E52; E63; (follow links to similar papers)

August 1997

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