Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. African Department, issuing body.
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| ISBN: | 1455221163
9781455221165
1462373135
9781462373130
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| Notes: | Includes bibliographical references (pages 20-23).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Annotation This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the 1992-93 Exchange Rate Mechanism (ERM) crisis. the long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. the short-run dynamics are obtained from error-correction models. the model is then simulated by calibrating changes in the exogenous variables to their actual values. the results indicate that the cost-push-up effect of devaluations may have been completely offset by determinants of the cyclical position of the economy and the low inflation rate in 1993-94 should not be viewed as unusual.
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| Other form: | Print version: Murgasova, Zuzana. Exchange rate pass-through in Spain. [Washington, D.C.] : International Monetary Fund, African Dept., ©1996
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| Standard no.: | 10.5089/9781455221165.001
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