Two Notes on Indeterminacy Problems
Robert Flood (),
Peter Garber and
Louis O. Scott
No 841, NBER Working Papers from National Bureau of Economic Research, Inc
In this paper we show, in an example, that the arbitrary behavior which results in an indeterminacy in the time path of a flexible exchange rate and is associated with "badly behaved" speculation has a manifestation under a regime of fixed rates in an indeterminacy in the time path of government holding of international reserves. Thus, to the extent that arbitrariness is characteristic of agents' behavior it is not resolve6 but only masked by the fixing of exchange rates.
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Published as Flood, Robert P., Peter M. Garber, and Louis O. Scott. "Collapsing Exchange Rate Regimes: Some Linear Examples." Journal of International Economics, Volume 17, Issues 1-2, August 1984, Pages 1-13
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