Identifying the effects of simultaneous monetary policy shocks : fear of floating under inflation targeting

Borradores de Economia
Number: 
835
Published: 
Classification JEL: 
E31, E43, E52, E58, F31
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Many central banks, particularly in the developing world, aim for exchange rate stability as a macroeconomic goal. However, most are reluctant to relinquish monetary policy autonomy, so they end up operating through both interest rate and foreign exchange