objectives of fixed exchange rates, free capital flows, and independent monetary policy cannot be pursued simultaneously. We …

The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and … the distinction between recycling and transfers—may be a useful preliminary. Some of the paper’s evocations, notably on … ; competitiveness ; full employment ; currency union ; recycling problem ; banking principle …

The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and … highlighting the distinction between recycling and transfers — may be a useful preliminary. Some of the paper's evocations, notably …