Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

Even when the exchange-rate plays no expenditure-switching role, countries may wish to have flexible exchange rates in order to free the domestic interest rate as a stabilization tool. In a setting with nontraded goods, exchange-rate movements may also enhance international risk sharing.

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Year of publication:	2006-11
Authors:	Obstfeld, Maurice
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 ITI published as Reinhart, Carmen, Carlos Vegh, and Andres Velasco (eds.) Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo. Cambridge, MA: MIT Press, 2008. Number 12699
Classification:	F41 - Open Economy Macroeconomics ; F42 - International Policy Coordination and Transmission
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005580137