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150128 ||| eng |
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|a 9781451844726
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|a Végh Gramont, Carlos
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|a Stabilization Dynamics and Backward-Looking Contracts
|c Carlos Végh Gramont, Guillermo Calvo
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1993
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| 300 |
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|a 38 pages
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| 651 |
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4 |
|a Argentina
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| 653 |
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|a Interest rates
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| 653 |
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|a Inflation
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| 653 |
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|a Wealth
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| 653 |
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|a Economics
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| 653 |
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|a Finance
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| 653 |
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|a Saving
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| 653 |
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|a Financial services
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| 653 |
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|a Real interest rates
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| 653 |
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|a Deflation
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| 653 |
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|a Exchange rate adjustments
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Currency
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| 653 |
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|a National accounts
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| 653 |
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|a Price Level
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Consumption
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Foreign exchange
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| 700 |
1 |
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|a Calvo, Guillermo
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451844726.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1993/029/001.1993.issue-029-en.xml?cid=1042-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Exchange rate-based stabilizations often result in an initial output expansion. One explanation for this phenomenon has been that, in the presence of inflation inertia, a reduction in the nominal interest rate causes the domestic real interest rate to fall, thus increasing aggregate demand. This paper reexamines this issue in the context of an intertemporal optimizing model. In contrast to previous results, the analysis shows that, if the intertemporal elasticity of substitution is smaller than the elasticity of substitution between traded and home goods, a permanent reduction in the rate of devaluation leads to a fall in aggregate demand
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