1977 | OriginalPaper | Buchkapitel
The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy
verfasst von : Rudiger Dornbusch
Erschienen in: Flexible Exchange Rates and Stabilization Policy
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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This paper develops three perspectives on the determination of exchange rates and their interaction with macroeconomic equilibrium and aggregate policies. A long- run view characterizes exchange rate determination in terms of monetary and real factors where the real aspects include an explicit consideration of relative price structures. A short-run or “liquidity” view of the exchange rate emphasizes the role of asset market equilibrium and expectations. A policy view, finally, analyses the effectiveness of aggregate policies and points out that in the short-run nominal disturbances will tend to be transmitted internationally. The paper concludes with an analysis of dual exchange rate systems as a stabilizing policy in the presence of speculative disturbances.