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Economic Growth under Alternative Monetary Regimes

2008
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Release : 2008
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Book Synopsis Economic Growth under Alternative Monetary Regimes by : José Antonio Cordero

Download or read book Economic Growth under Alternative Monetary Regimes written by José Antonio Cordero. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: A Post Keynesian model is developed to examine the main features and consequences of a monetary regime based on inflation targeting. The growth performance of this regime is compared to the one resulting from real exchange rate targets. Inflation targeting is shown to hurt growth and employment performance. Real exchange rate targeting, on the other hand, allows placing the economy on a higher growth path, but the trilemma hurts inflation performance. This problem may be mitigated by adjustments in the legal reserve requirement rate or capital controls. Long-run dynamics is shown to be stable in both regimes, as long as there is enough nominal wage flexibility. The model generates endogenous economic growth. Finally, it is argued that the formalization of the monetary sector provides a bridge between monetarist interpretations of inflation and the Keynesian emphasis on effective demand.

Alternative Monetary Regimes

1986 Business & Economics
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Release : 1986
Genre : Business & Economics
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Book Synopsis Alternative Monetary Regimes by : Colin Dearborn Campbell

Download or read book Alternative Monetary Regimes written by Colin Dearborn Campbell. This book was released on 1986. Available in PDF, EPUB and Kindle. Book excerpt:

Exchange Rate Regimes and the Stability of the International Monetary System

2011-03-15 Business & Economics
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Release : 2011-03-15
Genre : Business & Economics
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Book Rating : 315/5 ( reviews)

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Book Synopsis Exchange Rate Regimes and the Stability of the International Monetary System by : Mr.Atish R. Ghosh

Download or read book Exchange Rate Regimes and the Stability of the International Monetary System written by Mr.Atish R. Ghosh. This book was released on 2011-03-15. Available in PDF, EPUB and Kindle. Book excerpt: The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.

Exchange Rate Regimes

2002 Business & Economics
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Release : 2002
Genre : Business & Economics
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Book Rating : 403/5 ( reviews)

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Book Synopsis Exchange Rate Regimes by : Atish R. Ghosh

Download or read book Exchange Rate Regimes written by Atish R. Ghosh. This book was released on 2002. Available in PDF, EPUB and Kindle. Book excerpt: An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.

Exchange Rate Regimes in the Modern Era

2012-08-24 Business & Economics
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Release : 2012-08-24
Genre : Business & Economics
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Book Rating : 331/5 ( reviews)

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Book Synopsis Exchange Rate Regimes in the Modern Era by : Michael W. Klein

Download or read book Exchange Rate Regimes in the Modern Era written by Michael W. Klein. This book was released on 2012-08-24. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.

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