Optimal Exchange Rates
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Author | : Jacob A. Frenkel |
Publisher | : |
Total Pages | : 37 |
Release | : 1981 |
Genre | : Foreign exchange |
ISBN | : |
Download Aspects of the Optimal Management of Exchange Rates Book in PDF, Epub and Kindle
This paper analyzes aspects of the economics of the optimal management of exchange rates. It shows that the choice of the optimal exchange rate regime depends on the nature and the origin of the stochastic shocks that affect the economy. Generally, the higher is the variance of real shocks which affect the supply of goods, the larger becomes the desirability of fixity of exchange rates. The rationale for that implication is that the balance of payments serves as a shock absorber which mitigates the effect of real shocks on consumption. The importance of this factor diminishes the larger is the economy's access to world capital markets. On the other hand, the desirability of exchange rate flexibility increases the larger are the variances of the shocks to the demand for money, to the supply of money, to foreign prices and to purchasing power parities. All of these shocks exert a similar effect and their sum is referred to as the "effective monetary shock." It is also shown that the desirability of exchange rate flexibility increases the larger is the propensity to save out of transitory income. When the analysis is extended to an economy which produces traded and non-traded goods it is shown that the desirability of exchange rate flexibility diminishes the higher is the share of non-traded goods relative to traded goods and the lower are the elasticities of demand and supply of the two goods
Author | : Jerome L. Stein |
Publisher | : Oxford University Press |
Total Pages | : 276 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780198293064 |
Download Fundamental Determinants of Exchange Rates Book in PDF, Epub and Kindle
"This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund
Author | : Peter Isard |
Publisher | : Cambridge University Press |
Total Pages | : 298 |
Release | : 1995-09-28 |
Genre | : Business & Economics |
ISBN | : 9780521466004 |
Download Exchange Rate Economics Book in PDF, Epub and Kindle
This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.
Author | : Masahiro Kawai |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 1992-11-01 |
Genre | : Business & Economics |
ISBN | : 1451852320 |
Download Optimal and Sustainable Exchange Rate Regimes Book in PDF, Epub and Kindle
This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy credibility and different exchange rate regimes. Using a two-stage game approach to the strategic choice of policy instruments, it identifies optimal (in a Pare to sense) and sustainable (self-enforcing) exchange rate regimes. The theoretical results indicate that the choice of such regimes depends fundamentally on the credibility of monetary policy commitments by the two countries’ authorities. The nature of shocks to the economies and the substitutability between goods produced in the two countries also play some role. International coordination on instrument choice is necessary to design optimal and sustainable exchange rate regimes.
Author | : Iltae Son |
Publisher | : |
Total Pages | : 186 |
Release | : 1985 |
Genre | : Foreign exchange |
ISBN | : |
Download The Choice of an Optimal Exchange Rate System for a Small Country Book in PDF, Epub and Kindle
Author | : Victor E. Argy |
Publisher | : |
Total Pages | : 374 |
Release | : 1982 |
Genre | : Foreign exchange administration |
ISBN | : |
Download Exchange-rate Management in Theory and Practice Book in PDF, Epub and Kindle
Author | : Charles Engel |
Publisher | : |
Total Pages | : 68 |
Release | : 2000 |
Genre | : Foreign exchange administration |
ISBN | : |
Download Optimal Exchange Rate Policy Book in PDF, Epub and Kindle
This paper examines optimal exchange-rate policy in two-country sticky-price general equilibrium models in which households and firms optimize over an infinite horizon in an environment of uncertainty. The models are in the vein of the new open-economy macroeconomics' as exemplified by Obstfeld and Rogoff (1995, 1998, 2000). The conditions under which fixed or floating exchange rates yield higher welfare depend on the exact nature of price stickiness and on the degree of risk-sharing opportunities. This paper presents some preliminary empirical evidence on the behavior of consumer prices in Mexico that suggests failures of the law of one price are important. The evidence on price setting and risk-sharing opportunities is not refined enough to make definitive conclusions about the optimal exchange-rate regime for that country.
Author | : Edward Tower |
Publisher | : |
Total Pages | : 0 |
Release | : 1976 |
Genre | : |
ISBN | : |
Download The Theory of Optimum Currency Areas and Exchange-rate Flexibility Book in PDF, Epub and Kindle
Author | : Keith Pilbeam |
Publisher | : Springer |
Total Pages | : 233 |
Release | : 1991-06-18 |
Genre | : Business & Economics |
ISBN | : 1349117447 |
Download Exchange Rate Management: Theory and Evidence Book in PDF, Epub and Kindle
An examination of the economic justification for foreign exchange market intervention, the potential for such intervention to stabilize an economy and the distinction between sterilized and non-sterilized intervention.
Author | : Fernando Restoy |
Publisher | : |
Total Pages | : 50 |
Release | : 1995 |
Genre | : Foreign exchange rates |
ISBN | : |
Download Optimal Exchange Rate Flexibility in an Economy with Intersectoral Rigidities and Nontraded Goods Book in PDF, Epub and Kindle
En este trabajo se propone un modelo estocastico de dos sectores, que puede ser utilizado para comparar las propiedades estabilizadoras de los distintos regimenes cambiarios. Del analisis se obtienen las siguientes conclusiones: Si la autoridad monetaria tiene mas informacion que los agentes privados, un regimen de tipo de cambio flexible estabiliza el producto, tanto en el sector de bienes comerciados como en el de no comerciados. Por el contrario, si la autoridad monetaria no posee informacion superior, el regimen optimo depende de magnitudes relativas de las perturbaciones nacionales y extranjeras, y de la importancia de los shocks sectoriales. Un regimen de tipo de cambio fijo minimiza la desviacion del output de equilibrio sobre el de informacion completa en el sector de comerciados, pero desestabiliza el sector protegido. En general, se encuentra que el regimen optimo se corresponde con una regla cambiaria intermedia entre el tipo de cambio fijo puro y el tipo de cambio completamente flexible. (frl) (ars) (mac).