| Institution: | *Senior Advisor and Economist, respectively, Research Department, International Monetary Fund (IMF). This is a revised version of a paper presented at the Western Economic Association International 67th Annual Conference, San Francisco, Calif., July 9–13, 1992, in a session organized by John Welch of the Federal Reserve Bank of Dallas. The authors are grateful to Jose Fajgenbaum, Carlos Medeiros, Gerald O'Driscoll, Jr., Ratna Sahay, Pierre Siklos, Peter Wickham, conference participants, and two anonymous referees for helpful comments. A previous version of this paper was issued as IMF working paper PPAA 92/4. Besides being published here, the paper is scheduled to appear in late Spring 1994 in an IMF conference volume Exchange Rate Policy: Strategic Choices. The views expressed here are those of the authors and do not necessarily represent those of the IMF. |
