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Money, exchange rates, and output

Author: Guillermo A Calvo
Publisher: Cambridge, Mass. : MIT Press, ©1996.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:

Focuses on the role of credibility in policy-making. This book analyses the origins and macroeconomic consequences of credibility problems. It also shows how monetary and trade theory can fail when  Read more...

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Genre/Form: Electronic books
Additional Physical Format: Print version:
Calvo, Guillermo A.
Money, exchange rates, and output.
Cambridge, Mass. : MIT Press, ©1996
(DLC) 95046263
(OCoLC)33403728
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guillermo A Calvo
ISBN: 0585133441 9780585133447 9780262032360 0262032368
OCLC Number: 44963687
Description: 1 online resource (xxv, 510 pages) : illustrations
Contents: Building blocks: on the time consistency of optimal policy in a monetary economy; on the flexibility of monetary policy: the case of the optimal inflation tax; on the indeterminacy of interest rates and wages with perfect foresight; staggered prices in a utility-maximizing framework. Part 2 Predetermined exchange rates - basic theory: devaluation: levels versus rates; real exchange rate dynamics with fixed nominal parities: structural change and overshooting; trying to stabilize: some theoretical reflections based on the case of Argentina. Part 3 Currency substitution: from currency substitution to dollarization and beyond: analytical and policy issues; a model of exchange rate determination under currency substitution and rational expectations; currency substitution and the real exchange rate: the utility maximization approach. Part 4 Domestic public debt and seigniorage: servicing the public debt: the role of expectations; indexation and maturity of government bonds: an exploratory model; the perils of sterilization; optimal inflation tax under precommitment: theory and evidence. Part 5 Imperfect credibility - dynamic implications: incredible reforms; on the costs of temporary policy; anticipated devaluations; exchange-rate-based stabilisation under imperfect credibility. Part 6 The new challenge - stabilizing transforming economics: stabilizing a previously centrally planned economy: Poland 1990; output collapse in Eastern Europe: the role of credit; money demand, bank credit, and economic performance in former socialist economies.
Responsibility: Guillermo A. Calvo.

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"A well-written book which examines some stimulating and important issues." P. Stemp Journal of Ecnomics

 
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