| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14488 |
| DP14488 Harry Johnson’s “Case for Flexible Exchange Rates” – 50 Years Later | |
| Maurice Obstfeld | |
| 发表日期 | 2020-03-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Fifty years ago, Harry G. Johnson published “The Case for Flexible Exchange Rates, 1969,” its title echoing Milton Friedman’s earlier classic essay of the early 1950s. Though somewhat forgotten today, Johnson’s reprise was an important element in the late 1960s debate over the future of the international monetary system. The present paper has three objectives. The first is to lay out the historical context in which Johnson’s “Case” was written and read. The second is to examine Johnson’s main points and see how they stand up to nearly five decades of experience with floating exchange rates since the end of the Bretton Woods system. The third is to review the most recent academic critiques of exchange-rate flexibility and ask how fatal they are to Johnson’s basic argument. I conclude that the essential case for exchange rate flexibility still stands strong. |
| 主题 | Economic History ; International Macroeconomics and Finance |
| 关键词 | Exchange rate regimes Floating exchange rates International monetary system Effective lower bound Global value chains Global financial cycle Dominant currency pricing |
| URL | https://cepr.org/publications/dp14488 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543387 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP14488 Harry Johnson’s “Case for Flexible Exchange Rates” – 50 Years Later. 2020. |
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