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Record Nr. |
UNINA9910954942103321 |
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Autore |
Gagnon Joseph E |
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Titolo |
Flexible exchange rates for a stable world economy / / Joseph E. Gagnon ; with Marc Hinterschweiger |
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Pubbl/distr/stampa |
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Washington, D.C., : Peterson Institute for International Economics, c2011 |
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ISBN |
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1-283-31968-3 |
9786613319685 |
0-88132-635-6 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (300 p.) |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Foreign exchange rates |
Monetary policy |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Introduction and overview -- A world of multiple monies -- Are floating exchange rates too volatile? -- Do volatile exchange rates reduce economic output? -- Do volatile exchange rates destabilize inflation and output? -- Monetary policy with fixed and floating exchange rates -- Fiscal policy and exchange rate regimes -- Exchange rate regimes in developing economies -- Policy conclusions -- References -- Index. |
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Sommario/riassunto |
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Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output?The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the cure for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis |
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