Un sistema generalizado de tipos de cambio reptantes para una economía inflacionaria, abierta y pequeña

Abstract

The essay presents and analyzes – within the context of a short run general equilibrium macrodynamic model for a small open economy- some analytical properties of the crawling-peg proposal for achieving greater flexibility of exchange rates. The proposal is defined as a policy of limited exchange rate flexibility which maintains the competitiveness of the foreign trade sector over time while avoiding disruptive international capital flows. Several cases are studied which combine alternative hypothesis about expectations as well as anticipations of inflation. It is found that under certain conditions, the generalized crawling-peg system converges over time even in the absence of money illusion in the conventional sense whereas unlimited exchange rate flexibility turns out to be unstable.