Prazmowski, Peter A. and Sanchez Fung, Jose (2012) Assessing the impact of different nominal anchors on the credibility of stabilisation programmes. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 19 p. (Economics Discussion Paper, no. 2012/1)
Abstract
The paper compares the impact of announcing exchange-rate-based versus money-based stabilisation programmes in a cross-section of countries. The analysis finds that the effect of announcing exchange-rate-based programmes is more credible, in terms of reducing inflation inertia, than the outcome associated with implementing money-based programmes. But the gap between the magnitudes of the impacts from implementing the different strategies has been falling since the 1970s.
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