The authors study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there...
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INFORMATION
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2000/03/31
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Document de travail de recherche sur les politiques
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WPS2304
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1
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1
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2010/07/01
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Disinflation and the supply side
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consumption
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