New PDF release: Choosing an Exchange Rate Regime: The Challenge for Smaller

By Victor Argy, Paul De Grauwe

ISBN-10: 1557751331

ISBN-13: 9781557751331

This choice of papers, edited by way of Victor Argy and Paul De Grauwe, examines matters surrounding the alternative of trade expense regime in smaller commercial nations. It features a complete precis by way of Jacques J. Polak.

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Extra resources for Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countries

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Not for Redistribution Victor Argy 33 Table 3 (concluded). Solutions to Model of the Home Economy b, = a 6 (1 - n 5 «i 5 b2 = «e n 5 (1 - ai 5 ) k2 = a 4 + n, + j£ k y «1 + <*2<*15) 1 - r U 3 = a 4 + /fa (a5 + r-1 : - M«2 rf k2 k \(OL,+CL2CL^) ? k ae -k2 ft(ai+a2ais) ,u y (63) > 0 Table 4 gives the solutions for output, the price level, and the interest rate in the rest of the world in terms of the three disturbances abroad; n 5 represents the degree of wage indexation abroad. Returning now to Table 3, it is evident that solutions for output in the home economy can now also be obtained directly in terms of the same disturbances abroad.

The next section presents a model of a small economy exposed to disturbances from within as well as from the rest of the world. The sections that follow evaluate the insulation properties of different exchange rate regimes, including one that allows for some exchange rate management. The analysis is undertaken for different assumptions about the degree of wage indexation. I also deal briefly with ©International Monetary Fund. Not for Redistribution 28 SURVEY OF KEY ISSUES the literature concerned with optimizing monetary policy in the face of disturbances from different sources.

Willman (1987c) allows two possibilities with respect to the monetary policy rule: there is a probability of ft that the monetary ©International Monetary Fund.

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Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countries by Victor Argy, Paul De Grauwe

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