Under an exchange-rate targeting rule for monetary policy, a crawling peg

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allows the domestic currency to depreciate at a steady rate so that inflation in the pegging country can be lower than that of the anchor country.

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allows the domestic currency to depreciate at a steady rate so that inflation in the pegging country can be higher than that of the anchor country.

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fixes the value of the domestic currency to a commodity such as gold.

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fixes the value of the domestic currency to that of a large, low-inflation country.

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