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Flexible exchange rates for a stable world economy.


Flexible exchange rates for a stable world economy.

Gagnon, Joseph E.

Peterson Inst. Int'l Economics


265 pages




The authors (a senior fellow and a research analyst with the Peter G. Peterson Institute of International Economic) examine the theory and empirical evidence concerning exchange rate policy in the advanced economies and leading emerging markets (with some attention to low-income developing economies also included), focusing on the questions surrounding the costs and benefits of flexible versus fixed rates and the proper role of the exchange rate in monetary policy. Their principal finding is that "using monetary policy to fight exchange rate volatility, including through the adoption of a fixed rate regime, leads to greater volatility of employment, output, and inflation." They defend the finding through the presentation of economic models, historical case studies, and statistical analyses.

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Publication:Reference & Research Book News
Article Type:Book review
Date:Dec 1, 2011
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