Monetary Interdependence Under Alternative Exchange-rate Regimes
Author : Frederick van der Ploeg
Publisher :
Page : 40 pages
File Size : 29,44 MB
Release : 1989
Category : Commerce
ISBN :
Author : Frederick van der Ploeg
Publisher :
Page : 40 pages
File Size : 29,44 MB
Release : 1989
Category : Commerce
ISBN :
Author : Alasdair Smith
Publisher :
Page : 0 pages
File Size : 46,56 MB
Release : 1989
Category :
ISBN :
Author : Frederick van der Ploeg
Publisher :
Page : 20 pages
File Size : 22,85 MB
Release : 1989
Category : Foreign exchange
ISBN :
Author : Paul De Grauwe
Publisher :
Page : 46 pages
File Size : 16,57 MB
Release : 1976
Category :
ISBN :
Author : Yeongseop Rhee
Publisher :
Page : 490 pages
File Size : 25,98 MB
Release : 1991
Category :
ISBN :
Author : Peter B. Kenen
Publisher :
Page : 148 pages
File Size : 48,57 MB
Release : 1987
Category : Foreign exchange
ISBN :
Author : Frederick van der Ploeg
Publisher :
Page : 20 pages
File Size : 24,76 MB
Release : 1989
Category :
ISBN :
Author : Warwick J. McKibbin
Publisher :
Page : 0 pages
File Size : 50,48 MB
Release : 1986
Category :
ISBN :
The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the game in macroeconomic policy making. The proposed systems cover a wide spectrum of measures including maintaining the current flexible exchange rate system but with increased consultations between the major economies; a "target zone " system as advocated by John Williamson; or a full return to a system of fixed exchange rates as advocated by Ronald McKinnon This paper presents and applies a methodology useful for studying the operating characteristics of a number of alternative monetary arrangements using a large-scale simulation model of the world economy. We consider the performance of the regimes when policymakers do or do not observe the shocks, and when policymakers infer the shocks using an optimal filtering rule. Although the results are model specific and at best illustrative of the issues involved, the approach does have the advantage of providing a richer framework of analysis than is possible in simple models of international interdependence.
Author : Robert Cumby
Publisher :
Page : 56 pages
File Size : 43,18 MB
Release : 1984
Category : Foreign exchange
ISBN :
This paper finds that the introduction of dual exchange rates gives the monetary authority greater independence from external constraints than it would otherwise enjoy. The monetary authority is able to influence the level of aggregate demand in the short run and to sterilize the effects of temporary foreign distrubances. In addition, the paper finds that dual rates insulate the domestic economy fully from foreign interest rate changes but do not provide insulation from speculative disturbances.
Author : Michael W. Klein
Publisher : MIT Press
Page : 267 pages
File Size : 23,30 MB
Release : 2012-08-24
Category : Business & Economics
ISBN : 0262258331
An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.