NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case

Guillermo A. Calvo

NBER Working Paper No. 13177
Issued in June 2007

---- Acknowledgements -----

I am grateful to Ed Buffie for incisive comments that helped me better to understand the issues in this paper, and rid it of an embarrassing error. I also wish to thank Roberto Chang, José De Gregorio, Alejandro Izquierdo, Gonzalo Llosa, Rudy Loo-Kung, Andrew Powell, and participants of the IX Workshop in International Economics and Finance, Central Bank of Chile, Santiago, Chile, March 18-19, 2007, for useful comments. The bulk of this paper was completed while I worked at the Inter-American Development Bank. However, views expressed here do not necessarily represent those of the IDB or the views of the National Bureau of Economic Research.

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