As in many transition economies, Vietnam has experienced a multiple exchange rate system with three exchange rates …-run relationship between the official and parallel market rates of the Vietnam dong against the U.S. dollar. The short-run dynamics of … of the State Bank of Vietnam not to follow black market signals in managing official exchange rates for macroeconomic …

permanent shifts of the exchange rate and the price level if a central bank anchors long-run inflation expectations. In line …-run price level target rather than a long-run inflation target avoids these permanent shifts of the exchange rate and the price …

to use a market clearing rate benefits economic activity without necessarily leading to more inflation. But a unified …

experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the "standard model" suffice to explain the broad contours of macroeconomic outcomes in …