haku: @indexterm open economy / yhteensä: 204
viite: 70 / 204
| Tekijä: | Herrendorf, B. |
| Otsikko: | Importing credibility through exchange rate pegging |
| Lehti: | Economic Journal
1997 : MAY, VOL. 107:442, p. 687-694 |
| Asiasana: | EXCHANGE RATES MONETARY POLICY POLICY MAKING OPEN ECONOMY CREDIT |
| Kieli: | eng |
| Tiivistelmä: | This article addresses the question of why exchange rate pegging could give the best reputational equilibrium, though reputational effects can also discipline domestic monetary policy making under a float. The article argues that the reason is in the imperfect controllability of inflation under a float, which leads to a private information problem absent under exchange rate pegging. Low precision in domestic inflation control is one important motivation to peg the exchange rate. |
SCIMA