|
|
|
|
| LEADER |
02192nmm a2200433 u 4500 |
| 001 |
EB000925569 |
| 003 |
EBX01000000000000000719165 |
| 005 |
20250910000000.0 |
| 007 |
cr||||||||||||||||||||| |
| 008 |
150128 ||| eng |
| 020 |
|
|
|a 9781451852219
|
| 100 |
1 |
|
|a Végh Gramont, Carlos
|
| 245 |
0 |
0 |
|a Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis
|b Evidence From Uruguay
|c Carlos Végh Gramont, Willy Hoffmaister
|
| 260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 1995
|
| 300 |
|
|
|a 46 pages
|
| 651 |
|
4 |
|a Uruguay
|
| 653 |
|
|
|a Real exchange rates
|
| 653 |
|
|
|a Monetary policy
|
| 653 |
|
|
|a Exchange rates
|
| 653 |
|
|
|a Monetary economics
|
| 653 |
|
|
|a Foreign exchange
|
| 653 |
|
|
|a Macroeconomics
|
| 653 |
|
|
|a Disinflation
|
| 653 |
|
|
|a Money and Monetary Policy
|
| 653 |
|
|
|a Foreign Exchange
|
| 653 |
|
|
|a Nominal anchors
|
| 653 |
|
|
|a Deflation
|
| 653 |
|
|
|a Prices
|
| 653 |
|
|
|a Monetary Policy
|
| 653 |
|
|
|a Currency
|
| 653 |
|
|
|a Price Level
|
| 653 |
|
|
|a Inflation
|
| 700 |
1 |
|
|a Hoffmaister, Willy
|
| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
| 989 |
|
|
|b IMF
|a International Monetary Fund
|
| 490 |
0 |
|
|a IMF Working Papers
|
| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/1995/099/001.1995.issue-099-en.xml?cid=1961-com-dsp-marc
|x Verlag
|3 Volltext
|
| 082 |
0 |
|
|a 330
|
| 520 |
|
|
|a Both analytical models and casual empiricism suggest that the timing of the recessionary costs associated with inflation stabilization in chronic inflation countries may depend on the nominal anchor which is used. Under money-based stabilization, the recession occurs at the beginning of the program, while under exchange rate-based stabilization the recession occurs later in the program. This paper provides a first attempt to formally test this hypothesis using a vector-autoregression model for Uruguay. The impulse response of output to different stabilization policies is broadly consistent with the “recession-now-versus-recession-later” hypothesis. The evidence also suggests, however, that the effectiveness of a monetary anchor in reducing inflation is hindered by the high degree of dollarization of the Uruguayan economy
|