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Published January 2000 | Published
Journal Article Open

Are stabilization programs expansionary?


The empirical evidence presented in this paper casts doubts on the by now widely accepted "fact"that exchange rate based stabilization programs are expansionary. Even though these programs were associated with output booms, no evidence was found to support the thesis that the booms were caused by the stabilization programs. Rather, positive external shocks seem to have caused both the output booms and the stabilization programs.

Additional Information

January-June 2000. Fecha de recepcion: 22 de septiembre de 1999 Fecha de aceptacion: 1 9 de enero del 2000 Comments by Adriana Cassoni, Maurice Obstfeld, Martin Rama, an anonymous referee from this journal, and participants in the XIV Latin American Meeting of the Econometric Society, and seminars at Aarhus University, Denmark, Gothenburg University, Sweden, and University of Vigo, Spain, were very useful in revising this paper. The usual disclaimer applies.

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