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Can endogenous changes in price flexibility alter the relative welfare performance of exchange rate regimes?

Author: Özge Senay; Alan Sutherland; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11092.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Özge Senay; Alan Sutherland; National Bureau of Economic Research.
OCLC Number: 57549211
Notes: January 2005.
Title from first page of PDF document.
Description: 1 online resource (22 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11092.
Responsibility: Ozge Senay, Alan Sutherland.

Abstract:

"A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least priceflexibility of the three regimes considered"--National Bureau of Economic Research web site.

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