Exchange Rate Appreciation As a Signal of a New Policy Stance:
It is shown in a game theoretic framework that it may pay off to signal a "conservative" policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new p...
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1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1991
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Schriftenreihe: | IMF Working Papers
Working Paper No. 91/32 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | It is shown in a game theoretic framework that it may pay off to signal a "conservative" policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new policy stance is meant to be serious. An example explores the welfare implication for the policy maker and the trade union. The empirical background of the paper refers to the monetary policy in Europe. It explains the occurrence of exchange rate commitments to the deutsche mark, with appreciated rates |
Beschreibung: | 1 Online-Ressource (20 p) |
ISBN: | 1451845065 9781451845068 |
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spelling | Winckler, Georg Verfasser aut Exchange Rate Appreciation As a Signal of a New Policy Stance Winckler, Georg Washington, D.C International Monetary Fund 1991 1 Online-Ressource (20 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 91/32 It is shown in a game theoretic framework that it may pay off to signal a "conservative" policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new policy stance is meant to be serious. An example explores the welfare implication for the policy maker and the trade union. The empirical background of the paper refers to the monetary policy in Europe. It explains the occurrence of exchange rate commitments to the deutsche mark, with appreciated rates Online-Ausg http://elibrary.imf.org/view/IMF001/02157-9781451845068/02157-9781451845068/02157-9781451845068.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Winckler, Georg Exchange Rate Appreciation As a Signal of a New Policy Stance |
title | Exchange Rate Appreciation As a Signal of a New Policy Stance |
title_auth | Exchange Rate Appreciation As a Signal of a New Policy Stance |
title_exact_search | Exchange Rate Appreciation As a Signal of a New Policy Stance |
title_exact_search_txtP | Exchange Rate Appreciation As a Signal of a New Policy Stance |
title_full | Exchange Rate Appreciation As a Signal of a New Policy Stance Winckler, Georg |
title_fullStr | Exchange Rate Appreciation As a Signal of a New Policy Stance Winckler, Georg |
title_full_unstemmed | Exchange Rate Appreciation As a Signal of a New Policy Stance Winckler, Georg |
title_short | Exchange Rate Appreciation As a Signal of a New Policy Stance |
title_sort | exchange rate appreciation as a signal of a new policy stance |
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