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150128 ||| eng |
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|a 9781451980097
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|a Stone, Mark
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| 245 |
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|a Financial Infusion and Exiting from a Money Rule
|c Mark Stone
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1998
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| 300 |
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|a 41 pages
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| 651 |
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4 |
|a Philippines
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| 653 |
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|a Inflation
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| 653 |
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|a Monetary economics
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| 653 |
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|a Inflation targeting
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| 653 |
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|a Deflation
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Financial Aspects of Economic Integration
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| 653 |
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|a Currency
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| 653 |
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|a Money
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| 653 |
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|a Money supply
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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 Monetary base
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| 653 |
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|a Demand for Money
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| 653 |
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|a Demand for money
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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 Monetary policy
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| 653 |
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|a Exchange rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Foreign exchange
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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 10.5089/9781451980097.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1998/031/001.1998.issue-031-en.xml?cid=2529-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Money demand often surges after successful macroeconomic stabilization. This paper gives a name—financial infusion—to these surges because their size, unpredictability, and concurrence with other “success shocks” pose unique challenges to policy, especially under a money rule. An examination of 26 stabilization episodes shows that money to GDP can be expected to decline before stabilization and rise sharply thereafter. Analysis of the policy response to financial infusion under a money rule concludes that it amplifies output and price volatility, even if built into the rule. Finally, the main elements of an exit strategy from a money rule to an exchange rate or inflation target are discussed
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