Exchange Rate Regimes and Unemployment

Horst Feldmann

Open Economies Review, 2013, vol. 24, issue 3, 537-553

Abstract: Using data on 78 countries over 1980 to 2008 and a host of controls, this paper finds that switching from a floating regime to a pegged or an intermediate regime is likely to substantially reduce unemployment. Using a three-way regime classification, the estimated effect of switching to a pegged (to an intermediate) regime is around two percentage points (around one percentage point) after 2 years. These results are robust to variations in both specification and three-way classification. When using a four-way classification, we find evidence that switching from a float to a hard peg is most likely to reduce unemployment. Copyright Springer Science+Business Media New York 2013

Keywords: Exchange rate regimes; Unemployment; E24; F31; F33; J64 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s11079-012-9249-1

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