Lecture Six: Exchange-rate and Liquidity Régimes

M. L. Burstein
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M. L. Burstein: York University

Chapter 6 in Open-Economy Monetary Economics, 1989, pp 125-171 from Palgrave Macmillan

Abstract: Abstract The space of Lecture Six is largely spanned by Friedman’s (1953b) study. Until recently the controlling topics of open-economy monetary economics concerned fixed-versus-flexible-rate régimes, properties of international liquidity and debate over alternative liquidity régimes, especially that over the Bretton Woods institutions. Adjustment mechanisms are closely studied, especially by way of contrasting properties of fixed and floating rate régimes. Other standard topics — represented in the problem set and its annotations — include reprises of small-open-economy properties and Keynesian adjustment mechanisms and fresh studies of optimal-currency-zone criteria, the ‘Dutch disease’, ‘stagflation’, the Marshall-Lerner condition, the Laursen-Metzler effect and Domestic Credit Expansion (DCE).

Keywords: Exchange Rate; Central Bank; Money Supply; Capital Flow; Trade Balance (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-10963-0_6

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