Download full text from publisher File URL: More about this item JEL classification: For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Help us Corrections Found an error or omission? One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. RePEc uses bibliographic data supplied by the respective publishers. International Volatility and Economic Growth:
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See general information about how to correct material in RePEc. Those output and unemployment costs which are initially avoided by over- valuing the currency have to be paid later when this overvaluation is corrected. Buiter, Willem H, This abstract was borrowed from another nbg of this item.
Please note that corrections may take a couple of weeks to filter through the various RePEc services. Relative to other policies which achieve the same effect on steady-state inflation, exchange rate overshooting brings inflation down more quickly.
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You can help correct errors and omissions. If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form. Implementing a 'gradualist' policy of monetary contraction, in an open economy with a freely floating exchange rate but with nominal inertia in domestic labor costs, can lead to prompt and substantial changes in the nominal and real exchange rate.
Corrections All material on this site has been provided by the respective publishers and authors. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting 111682 confirmation. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation.
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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: When requesting a correction, please mention this item's handle: International Volatility and Economic Growth: In this paper we show that, in a model which is 'super-neutral' and has nominal inertia in both the level of labor costs and their trend or core rate of growth, this early overshooting of the exchange rate does not succeed in nnr the output costs of reducing steady-state inflation.
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