LEADER 03577nam 2200625 a 450 001 9910954942103321 005 20251117091658.0 010 $a1-283-31968-3 010 $a9786613319685 010 $a0-88132-635-6 035 $a(CKB)2550000000060404 035 $a(OCoLC)759117229 035 $a(CaPaEBR)ebrary10509375 035 $a(SSID)ssj0000536732 035 $a(PQKBManifestationID)12231333 035 $a(PQKBTitleCode)TC0000536732 035 $a(PQKBWorkID)10550284 035 $a(PQKB)10236598 035 $a(Au-PeEL)EBL3385682 035 $a(CaPaEBR)ebr10509375 035 $a(CaONFJC)MIL331968 035 $a(OCoLC)923328344 035 $a(MiAaPQ)EBC3385682 035 $a(BIP)46432695 035 $a(BIP)34613798 035 $a(EXLCZ)992550000000060404 100 $a20110805d2011 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFlexible exchange rates for a stable world economy /$fJoseph E. Gagnon ; with Marc Hinterschweiger 205 $a1st ed. 210 $aWashington, D.C. $cPeterson Institute for International Economics$dc2011 215 $a1 online resource (300 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a0-88132-627-5 320 $aIncludes bibliographical references and index. 327 $aIntroduction 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. 330 $aVolatile 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 of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output.The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction. 606 $aForeign exchange rates 606 $aMonetary policy 615 0$aForeign exchange rates. 615 0$aMonetary policy. 676 $a332.4/562 700 $aGagnon$b Joseph E$0123579 701 $aHinterschweiger$b Marc$01861814 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910954942103321 996 $aFlexible exchange rates for a stable world economy$94468025 997 $aUNINA