| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP390 |
| DP390 Exchange Rate Regimes and the Persistence of Inflation | |
| George Alogoskoufis | |
| 发表日期 | 1990-03-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper investigates the relation between the dynamics of inflation and exchange-rate regimes. It demonstrates that fixed exchange-rate regimes such as the international gold standard and the Bretton Woods gold-dollar standard appear to be associated with negligible persistence of inflation in the industrial economies, while regimes of managed exchange rates are associated with very high persistence of inflation: the interwar period is associated with persistent deflation, the more recent period of managed floating with persistent inflation.The paper uses an overlapping contracts model of inflation to propose that the persistence of higher inflation in managed exchangerate regimes is a result of the accommodation of inflationdifferentials by exchange-rate policy. The evidence does not seemto contradict this hypothesis. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates regimes inflation Monetary accomodation |
| URL | https://cepr.org/publications/dp390 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529545 |
| 推荐引用方式 GB/T 7714 | George Alogoskoufis. DP390 Exchange Rate Regimes and the Persistence of Inflation. 1990. |
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