Zhang, Lei; Hamann, A. Javier; Arias, Andrés - International Monetary Fund (IMF) - 2005
Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases...