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- W3124730938 abstract "This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the 1992-93 Exchange Rate Mechanism (ERM) crisis. The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. The short-run dynamics are obtained from error-correction models. The model is then simulated by calibrating changes in the exogenous variables to their actual values. The results indicate that the cost-push-up effect of devaluations may have been completely offset by determinants of the cyclical position of the economy and the low inflation rate in 1993-94 should not be viewed as unusual." @default.
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- W3124730938 date "1996-10-01" @default.
- W3124730938 modified "2023-09-27" @default.
- W3124730938 title "Exchange Rate Pass-Through in Spain" @default.
- W3124730938 hasPublicationYear "1996" @default.
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