EXCHANGE RATE‐BASED STABILIZATIONS: A LITERATURE REVIEW
综述了慢性通胀国家基于汇率的稳定化项目对消费和产出的影响，分析了实证规律和理论模型，发现耐用消费品、弱可信度与粘性价格模型最符合实际数据。
Abstract The exchange rate‐based stabilizations (ERBSs) that have been undertaken in chronic inflation countries have generated a controversial body of literature regarding the effects of disinflation programs, especially those on real consumption and output. This survey provides an extensive overview of the literature on ERBS. The paper covers various empirical studies that have attempted to document the macroeconomic regularities associated with ERBS, discussing both their strengths and their weaknesses. It analyzes diverse theoretical models that have been put forward to replicate the business cycles associated with ERBS, and sheds light on which models perform better using real data. The results suggest that durables incorporated weak credibility and sticky price model proves to be most compatible with the empirical regularities observed in the course of ERBS.