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Exchange rate systems and macroeconomic stability
Journal of Monetary Economics, 2002Abstract We examine macroeconomic stability and the properties of the international transmission of business cycles under three exchange rate systems: a flexible, a unilateral peg (EMS) and a single currency (EMU). The subjects of study are Germany and France.
Collard, Fabrice, Dellas, Harris
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Temporary Stabilization: Predetermined Exchange Rates
Journal of Political Economy, 1986The paper analyzes the impact of a stabilization policy based on a temporary reduction in the rate of devaluation. Against a background in which a constant rate of devaluation has no real effects, it is shown that the temporary policy does and, furthermore, that the real effects tend to become bigger (in absolute value) as the horizon of the temporary ...
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Exchange-Rate Stability Considered
Econometrica, 1949The violence of exchange-rate fluctuations in countries which in the past, have had unregulated markets for foreign exchange has frequently led to the conjecture that a system of market exchange rates may be inherently unstable. The condition of stability, of course, is that: a rise in the price of foreign currency shall reduce the excess demand for ...
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Exchange Rate Stability and Financial Stability
1997In this paper I consider the connections between the exchange rate and the financial system, focusing on the implications of international monetary arrangements for the stability of the banking system. I ask questions like the following. Under what conditions can a currency peg jeopardize the stability of the banking system?
Eichengreen, Barry, Eichengreen, Barry
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The Review of Economics and Statistics, 1964
CONTEMPORARY governments appear to J have embraced too easily three incompatible goals; full employment, stable prices, and an inflexible exchange rate. More sensible policies could be pursued if one or possibly two of these goals were abandoned. Clearly, the least fundamental of the three is the foreign exchange rate, and if it could be shown that a ...
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CONTEMPORARY governments appear to J have embraced too easily three incompatible goals; full employment, stable prices, and an inflexible exchange rate. More sensible policies could be pursued if one or possibly two of these goals were abandoned. Clearly, the least fundamental of the three is the foreign exchange rate, and if it could be shown that a ...
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On exchange-rate stabilization
Journal of Economic Dynamics and Control, 1991zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Stabilization with Exchange Rate Management
1986Stabilization programs in open economies typically consist of two stages. In the first stage the rate of currency devaluation is reduced without a sufficient fiscal adjustment to eliminate the deficit that causes continued growth of debt and loss of reserves.
Drazen, Allan +3 more
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Exchange Rate Flexibility and Macro-Economic Stability
The Review of Economics and Statistics, 1974W OULD a movement from fixed to flexible exchange rates increase or decrease the stability of economic activity? This paper presents calculations of how increased responsiveness of exchange rates to balance-of-payments pressures would have affected macro-economic stability for most of the world's developed nations in the recent past.
Tower, Edward, Courtney, Mark M
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EMU and Transatlantic Exchange Rate Stability [PDF]
SSRN Electronic Journal, 2000 The impact of EMU on the transatlantic exchange rate stability raises the more general question of whether the exchange rate is a useful adjustment instrument or source of instability. We estimate a simple, three-country model for the United States, Germany and France, over the 1972-1995 period.
Agnès Bénassy-Quéré, Benoît Mojon
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Exchange Rate Stabilization and Welfare
Annual Review of Economics, 2014This article considers recent literature on optimal monetary policy in simple open-economy models. The presence of pricing to market, incomplete financial markets, and differences in preferences among households (in different countries) introduces some fundamental differences between closed- and open-economy New Keynesian models.
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