๐”– Bobbio Scriptorium
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The advantage of tying one's hands: EMS discipline and Central Bank credibility

โœ Scribed by Francesco Giavazzi; Marco Pagano

Book ID
115874664
Publisher
Elsevier Science
Year
1988
Tongue
English
Weight
929 KB
Volume
32
Category
Article
ISSN
0014-2921

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## Abstract Fixing the exchange rate is often seen as an appealing strategy to gain credibility and keep inflation under control. But what is the impact of this policy on welfare? We answer this question using a microfounded, New Keynesian monetary model for a small open economy, to study the outco