Blueprints for exchange-rate management
Academic Press, 1989 - Business & Economics - 329 pages
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
10 other sections not shown
adjustment aggregate agreement analysis assumed asymmetry average band BLUEPRINTS Boughton Bretton Woods Britain capital CEER central banks CEPR changes commodity price indices commodity prices competitiveness cooperation countries CR-OPT CR-SIM current account balance Currie depreciation deviations dollar domestic effects Eichengreen empirical equation exchange-rate path expected external balance feedback rule fiscal policy fixed exchange rates floating foreign exchange foreign exchange markets gains Germany Giavazzi Giovannini given gold standard growth inflation instruments international monetary system long-run macroeconomic macroeconomic policy Marcus Miller McKinnon monetary expansion monetary policy money demand money stock money supply Nash equilibrium nominal exchange rate nominal income non-cooperative objective function optimal output paper parameters parity policy coordination price level rational expectations real exchange rate real interest rates realignment relative renege scheme shifts simple rules simulation solution stability stochastic supply shocks symmetrical Table target paths target Variable target zone proposal welfare loss