Concepts and Implications of International Monetary Co-ordination

Manfred Willms

Chapter 12 in Monetary Theory and Monetary Policy, 1993, pp 327-349 from Palgrave Macmillan

Abstract: Abstract Much dissatisfaction has evolved with respect to the functioning of the floating exchange rate system that has governed international monetary relations between the major industrialised countries since 1973. In particular, it is claimed that this system has led to substantial short-run volatility of exchange rates and to long-lasting misalignments. The impact of these fluctuations and real exchange rate changes on output, employment and the price level is seen as a central problem of flexible exchange rates.

Keywords: Exchange Rate; Monetary Policy; Fiscal Policy; Real Exchange Rate; Money Demand (search for similar items in EconPapers)
Date: 1993
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DOI: 10.1007/978-1-349-23096-9_22

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