Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation
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Implementing a 'gradualist' policy of monetary contraction, in an open economy with a freely floating exchange rate but with nominal inertia in domestic labor costs, can lead to prompt and substantial changes in the nominal and real exchange rate. One of the virtues claimed for such exchange rate
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美国国家经济研究局创建时间：
1981-09-01
