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- W2025801809 abstract "Before discussing the type of institutions that can be designed for overcoming the credibility problem raised by monetary policy, this paper defines macroeconomic instability, showing that inflation is a crucial factor. The relationships between inflation and macroeconomic instability are analysed using a small Australian-type model, with rational expectations, where a too-high rate of inflation entails a continuum of equilibria, regarded as the root of macroeconomic instability. The credibility issue is then discussed in a simple optimal seignorage framework. Different institutional solutions, ranging from currency board to IMF conditionality, are discussed. Copyright 1999 by Oxford University Press." @default.
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- W2025801809 date "1999-12-01" @default.
- W2025801809 modified "2023-10-18" @default.
- W2025801809 title "Institutions for Macroeconomic Stability in Africa" @default.
- W2025801809 doi "https://doi.org/10.1093/jafeco/8.suppl_1.6" @default.
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