Monetary and Exchange Rate Policies
Eduardo Levy Yeyati () and
Chapter Chapter 64 in Handbook of Development Economics, 2010, vol. 5, pp 4215-4281 from Elsevier
To the extent that they exert a critical influence on the macroeconomic environment, monetary and exchange rate policies (MERP) are relevant for development. However, the analytical economic literature often sees nominal variables as being irrelevant for the real economy, while the multiplicity of channels examined by the empirical literature complicates the task of deriving usable policy implications. Specifically, this chapter attempts to answer the following question: What exchange rate regime and monetary policy framework is more conducive to achieving development policy objectives in a particular country today, and why? We map the direct and indirect links from MERP to key development objectives, and discuss the main findings and how it relates with the empirical evidence to provide an up-to-date perspective of the policy debate and derive criteria for policy choices.
Keywords: monetary standard; monetary system; monetary policy; policy effects; currency (search for similar items in EconPapers)
JEL-codes: E42 E52 F33 F41 (search for similar items in EconPapers)
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