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Introduction From the early postwar years to August 1971, Japan maintained a fixed exchange rate againstthe dollar, After that date, and particularly after March 1973, both the dollar and the yen w...
After a decade and a half of experience with the widespread use of flexible exchange rates among the major industrial countries, wehave learned a great deal. But disputes about exchange rate policie...
DOMESTIC STABILITY VERSUS EXCHANGE RATE STABILITY     EXCHANGE RATE  DOMESTIC STABILITY       font style='font-size:12px;'> 2008/12/3
Purchasing Powers and Exchange Rates In accepting the title assigned for this paper, I do not mean to agree that the two stabilities necessarily conflict. Often, to be sure, they do. Countries that...
EXCHANGE RATE SYSTEMS IN PERSPECTIVE     EXCHANGE RATE SYSTEMS  PERSPECTIVE  economic policy  exchange rate regime        font style='font-size:12px;'> 2008/11/12
As an economic policy, the choice of an exchange rate regime has been oversold. That choice pales in comparison with establishing a legal system that carefully defines property rights and creates an...
Exchange rate protectionism usually refers to the idea that a country’s exchange rate might be undervalued, causing the country to import less and export more than it would with a stronger exchange ...
DEALING WTH EXCHANGE RATE PROTECTIONISM     Capital inflows  renminbi  EXCHANGE RATE PROTECTIONISM       font style='font-size:12px;'> 2008/11/6
In this article, I first review protectionist allegations against China, particularly that its currency is undervalued and is being manipulated so that the renminbi (RMB) will not appreciate. Next, ...
EXCHANGE RATE AND MONETARY POLICY IN CHINA     EXCHANGE RATE  CHINA  MONETARY POLICY        font style='font-size:12px;'> 2008/11/6
By most metrics China’s currency remains undervalued. Its current account surplus increased sharply over the past two years, rising from $17 billion or 1.5 percent of gross domestic product in 2001 ...
Despite all the invective hurled at international financial markets by critics of the “Washington Consensus,” the fact is that strong healthy financial markets are essential for middle-income countr...
The exchange rate policies of the member countries of the International Monetary Fund could come under more intrusive scrutiny because of the June 15, 2007, decision of the IMF Executive Board on b...
The New Neoclassical Synthesis is a natural starting point for the consideration of welfare-maximizing monetary arrangements in the international context. Alternatively known as the New Keynesian m...
Few topics in macroeconomics are as contentious as capital account liberalization and exchange rate regimes. This article attempts to briefly summarize what we have learned through the turbulent 19...
Lessons from Monetary and Real Exchange Rate Economics     Real Exchange  Monetary  Rate Economics       font style='font-size:12px;'> 2008/11/4
This article is intended to be a sort of flyover, examining certain key aspects of monetary and real exchange rate economics from a convenient distance. In it I try to avoid getting into technic...

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