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Introduction Harry G Johnson and Alexander
Two Arguments for Fixed Rates
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adjustment American analysis argument assets assumed assumption balance of payments balance-of-payments billion Bretton Woods system Canadian dollar capital cent central banks co-ordination common currency currency transformation curve deficit deflation demand for money devaluation dollar deposits domestic deposits ecbs economic effects employment equations equilibrium Eurodollar Europe European central banks European currencies European money excess demand exchange rate changes exchange rate system exports external currency external deposits firm fiscal policies fixed exchange rates fixed rates flexible exchange rates flexible rates flow French franc function gliding parities gold-exchange standard important income increase inflation interest rates international monetary Laffer ment monetary integration monetary policy money balances money supply movements Mundell Mundell's nominal Optimum Currency Areas output paper political price level price stability problem production ratio real balances relative prices rency reserves result shift surplus Swiss franc tion trade transactions U.S. dollars U.S. gold variables world prices