Some problems of exchange-rate policy and stabilization in an open economy
The immediate objectives of exchange-rate policy should be stability of output, stability of the rate of inflation and stability of the exchange rate itself. Moreover, exchange-rate policy is likely to be of some use in achieving these aims, as the modifications to the rational expectations theory which make monetary policy effective do so for exchange-rate policy as well, and additional channels of effectiveness operate in an open economy.
There are various explanations for the vo...Expand abstract
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- University of Oxford
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- Mark M. Courtney
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- This thesis was digitised thanks to the generosity of Dr Leonard Polonsky.
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