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Monetary and Exchange Rate Dynamics During Disinflation : An Empirical Analysis

Author: Lei Zhang; International Monetary Fund.
Publisher: Washington, D.C. : International Monetary Fund, 2005.
Series: IMF Working Papers, Working Paper No. 05/33.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases in which the central bank intervenes in the foreign exchange market but does not preannounce the use of an exchange rate  Read more...
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Details

Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lei Zhang; International Monetary Fund.
OCLC Number: 815733106
Notes: Available in PDF, ePUB, and Mobi formats on the Internet.
Description: 1 online resource (34 pages).
Series Title: IMF Working Papers, Working Paper No. 05/33.
Responsibility: Zhang, Lei.

Abstract:

Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases in which the central bank intervenes in the foreign exchange market but does not preannounce the use of an exchange rate anchor. The number of the de facto ERBS is twice as large as that of de jure ERBS. Output dynamics during disinflation do not differ significantly between these two groups. We conclude that empirical studies on the effects of exchange rate anchors must seek to disentangle the effects of their announcement from those related to their role in the remonetization process.

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