Exchange Rates, Inflation and Monetary Policy Objectives in Open Economies: The Experience of Chile

Topics:
Inflation
Tags:
Currency & Foreign Exchange,
Finance,
Financial Services,
Free Trade,
Inflation,
University Of Cambridge
Source:
Cambridge University Press

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Overview: This paper characterizes, empirically, the conduct of monetary policy in a small open economy. It finds evidence that the monetary authorities also react to real exchange rate misalignments. This reaction is comparatively larger than that found in developed economies. Finally, the evidence, although not conclusive, seems to suggest a non linear response to exchange rate misalignments: the central bank reacts strongly to large deviations rather than to small ones.

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Format: PDF | Size: 306KB | Date: Apr 2004 | Pages: 35

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