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Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries

Authors : Mr. Peter Montiel, Mr. Jonathan David Ostry
Publisher : International Monetary Fund
Published Date : 1991-03-01
ISBN-13 : 9781455218066
Page : 49 Pages
Language : en


Descriptions Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries

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This paper analyzes the macroeconomic effects of a variety of exogenous and policy-induced real disturbances when the authorities target the level of the real exchange rate. It first discusses the implications–particularly for inflation and the current account–of targeting the rate at an “overdepreciated” level. The paper then examines the dynamic response of both output and inflation to a number of shocks. Further applications of the model, particularly as regards fiscal explanations of inflation, high-inflation plateaus, and money-based stabilization programs, are also considered.

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