The Exchange Rate System
Peterson Institute for International Economics, 1983 - Business & Economics - 85 pages
Now available directly from: IIE 11 Dupont Circle, NW Washington, DC 20036 Tel: (202) 328-9000 This book examines the system of flexible exchange rates, estimating misalignments of major currencies and analyzing costs and benefits of volatility and deviations from equilibrium. It considers target zones, reference rates, and other alternatives for stabilizing the system.
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THE CASE FOR MANAGED EXCHANGE RATES page
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adjustment appendix figures appreciation argued asset substitutability average bandwagon effects billion Bretton Woods system central bank central rates column of table competitiveness costs current account balance current equilibrium rate depreciation deviation differential inflation domestic effective exchange rates equilibrium exchange rate estimates exchange rate changes exchange rate management exchange rate target exchange rate volatility expectations export FEERs five major countries five major currencies floating exchange rates floating rates foreign exchange market Fred Bergsten French franc fundamental equilibrium exchange fundamental equilibrium rate important industrial countries interest rates International Economics International Monetary intervention investment Japan Japanese yen Kohlhagen limit misalignments long-run macroeconomic macroeconomic policy manage the exchange managed rates market participants market rate MERM monetarist monetary policy Morgan Guaranty needed nominal exchange rate North Sea oil OPEC percent real effective exchange real exchange rate REERs result soft margins sterling surplus target zones underlying capital flows undervalued unemployment United Kingdom