Fixed Exchange Rates, Flexible Exchange Rates, or the Middle of the Road: a Re-Examination of the Arguments in View of Recent Experience

Hans Genberg and Alexander K. Swoboda

Chapter 5 in The Reconstruction of International Monetary Arrangements, 1987, pp 92-113 from Palgrave Macmillan

Abstract: Abstract Dissatisfaction with the workings of flexible exchange rates has recently become rather widespread, in Europe at least. Concern with exchange rate movements is no longer confined to the business world and to economic journalists but is also increasingly expressed by academic economists. Two features of the post-Bretton Woods era have, in particular, been the source of much disenchantment with flexible exchange rates: wide (‘excessive’?) movements and high short-run variability in both nominal and real exchange rates, and apparently strong transmission of economic disturbances across countries, especially from the United States to the rest of the world.

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Money Supply; Exchange Rate Regime (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-18513-9_6

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DOI: 10.1007/978-1-349-18513-9_6

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