The Business Cycle Associated with Exchange-rate-based Stabilization
Miguel Alberto Kiguel · Nissan Liviatan
Jan 1990 · Policy, research, and external affairs working papers Book 513 · World Bank Publications
Ebook
54
Pages
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Disinflation programs in chronic inflation countries do not normally follow the usual Phillips curve tradeoff in the medium run. Instead of having a sharp recession in the early stage of stabilization, there often is an initial expansion of output followed by a recession and balance of payments difficulties. This pattern is related to programs that use the exchange rate as an instrument of disinflation.
Disinflation programs in chronic inflation countries do not normally follow the usual Phillips curve tradeoff in the medium run. Instead of having a sharp recession in the early stage of stabilization, there often is an initial expansion of output followed by a recession and balance of payments d...
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