Exchange-rate-based inflation stabilization: The initial real effects of credible plans

• 成果类型: Article
• 署名作者: Uribe, M
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00018-4
• 发表日期: 1997
• 页码: 197-221
• 关键词: inflation stabilization; Fixed exchange rates

摘要

This paper studies the initial effects of exchange-rate-based stabilization programs within a dynamic general equilibrium model of a small open economy in which inflation acts as a tax on intermediate transactions and capital accumulation is subject to convex adjustment costs and gestation lags. The model replicates the typical pattern of slow inflation convergence, sustained real exchange rate appreciation, trade balance deterioration, and expansion in domestic spending followed by a deflationary slowdown, without resorting to sticky prices, imperfect credibility, or adaptive expectations. Calibrated Versions of the model are compared with the initial effects of the Argentine Convertibility Plan of April 1991.