Fixing Exchange Rates: A Virtual Quest for Fundamentals

Fixed exchange rates are less volatile than floating rates. But the volatility of macroeconomic variables such as money and output does not change very much across exchange rate regimes. This suggests that exchange rate models based only on macroeconomic fundamentals are unlikely to be very successful. It also suggests that there is no clear tradeoff between reduced exchange rate volatility and macroeconomic stability.

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Year of publication:	1993-10
Authors:	Flood, Robert P. ; Rose, Andrew
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	IFM published as Journal of Monetary Economics, 1995 Number 4503
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005720127