A Monetary Approach to the Crawling-Peg System: Theory and Evidence
构建并估计了爬行钉住体系下汇率、国际储备和通胀率共同决定的模型，基于巴西季度数据用全信息最大似然法估计，解释了购买力平价的短期偏离。
This paper develops and estimates a model of the joint determination of the exchange rate, international reserves, and the rate of inflation under a crawling-peg system. The framework presented, which is an extension of previous work on the monetary approach, generates short-run deviations from purchasing power parity that occur simultaneously with movements in both international reserves and the exchange rate. The model is estimated by full-information maximum likelihood on the basis of quarterly data for Brazil.