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Inflation Targeting and Exchange Rate Management In Less Developed Countries

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by Marco Mr. Airaudo & Edward F. Mr. Buffie
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Inflation Targeting and Exchange Rate Management In Less Developed Countries by Marco Mr. Airaudo & Edward F. Mr. Buffie

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.

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Ebook Details
Pages: 65
Size: 3.0 MB
Date published:   2016
ISBN: 9781475523164 (DRM-EPUB)
9781513567976 (DRM-PDF)

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Nonfiction > Business & Economics > Money & Monetary Policy

These authors have products in the following categories:

Nonfiction > Business & Economics > Investments & Securities
Nonfiction > Political Science > Economic Conditions
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Money & Monetary Policy
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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