Currency depreciation and the monetary adjustment process: reconsidering Lord King’s contributions

Joseph T Salerno and Carmen Elena Dorobat

Oxford Economic Papers, 2018, vol. 70, issue 3, 699-718

Abstract: This paper investigates Lord King’s contributions in light of the renewed debate on international monetary policy coordination. We argue that King’s work contains refined bullionist insights concerning currency depreciation, exchange rate determination, and balance of payments adjustment. We show how King’s analysis of the monetary process under different currency regimes can help elucidate the effects of unconventional monetary policy on a global scale, concerning monetary spillovers, currency wars, business cycles, and the distribution of wealth.

JEL-codes: B12 E41 E42 E52 (search for similar items in EconPapers)
Date: 2018
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