It also allows you to accept potential citations to this item that we are uncertain about. Help us Corrections Found an error or omission? More about this item JEL classification: See general information about how to correct material in RePEc. International Volatility and Economic Growth: 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. 
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Okun, Arthur M, General contact details of provider: If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form. See general information about how to correct material in RePEc. If you have authored this item 111682 are not yet registered with RePEc, we encourage you to do it here.
Relative to other policies which achieve the same effect on steady-state inflation, exchange rate overshooting brings inflation down more quickly. Implementing nnr '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.
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One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. More about this item JEL classification: You can help correct errors and omissions.
Corrections All material on this site has been provided by the respective publishers and authors. Other versions of this item: In this paper we show that, in a model 1162 is 'super-neutral' and has nominal inertia in both the level of labor costs and their trend or core rate of growth, this early overshooting of the exchange rate does not succeed in cutting the output costs of reducing steady-state inflation.
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International Volatility and Economic Growth: If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.
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