Reinhart, Carmen; Vegh, Carlos - Volkswirtschaftliche Fakultät, … - 1999
Most of the major exchange rate-based stabilizations (ERRS) in chronic inflation countries in the last 30 years have … the main macroeconomic variables in all these programs. In the first stages, inflation falls, the economy expands, and …¬like proportions. Shortly thereafter, however, the “dark side” of ERRS emerges. The slow convergence of inflation fuels a large real …