Blueprints for exchange-rate management

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This book addresses the growing debate over proposals for international monetary reform and the tentative attempts, for example at the Louvre and Plaza accords, to achieve greater coordination of macroeconomic policies. The first section draws lessons from the experience of the interwar Gold Standard, the Bretton Woods system, and the EMS. Four papers examine theoretical issues underlying the design of coordinated economic policies. Contributors explore the use of commodity prices as indicators of inflationary pressures and analyze exchange rate target bands using concepts first developed in the financial literature. The final chapters present empirical evaluations of the performance of alternative exchange rate regimes, adding to the existing literature on the design of gains from coordinated economic policies. The contributors, drawn from academic and policy circles, include leading advocates of exchange rate target zones and 'disciplined floating'. This book is of interest to students of international macroeconomics and policy coordination and to all those who have followed the debate on the evolution of the international monetary system.

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How do fixedexchangerate regimes work? Evidence from the gold standard
Monetary interdependence and deflation in Britain and the United States
An empirical application

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About the author (1989)

Daniel Miller is Reader in Anthropology at University College in London. He is the author of Artifacts and Categories and Material Culture and Mass COnsumption.

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. He is the author of "Capital Flows and Crises" (MIT Press, 2002) and other books.

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