Khan, Mohsin S.; Montiel, Peter J. - In: IMF Staff Papers 34 (1987) 4, pp. 681-710
Although the nominal exchange rate is often used as a policy instrument in small, primary-commodity-exporting countries, the real exchange rate is an endogenous variable that responds to both exogenous and policyinduced shocks. This paper examines the dynamic effects on the real exchange rate of...