Memorandum,
Oslo University, Department of Economics

Abstract: This paper compares exchange rate targets with price stabilization targets in a small open economy under perfect and imperfect cridibility. Under nominal exchange rate targeting, output is affected by both demand shocks, supply schocks, and foreign exchange shocks.

Keywords: MONETARY POLICY; INFLATION; EXCHANGE RATE

JEL-codes: E50; E52; E31; F31

25 pages, 1996

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