| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2024 |
| 来源ID | Working Paper 2024 |
| Comparing the Performance of Alternative Exchange Arrangements | |
| Warwick J. McKibbin; Jeffrey D. Sachs | |
| 发表日期 | 1986-09-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the game in macroeconomic policy making. The proposed systems cover a wide spectrum of measures including maintaining the current flexible exchange rate system but with increased consultations between the major economies; a "target zone " system as advocated by John Williamson; or a full return to a system of fixed exchange rates as advocated by Ronald McKinnon This paper presents and applies a methodology useful for studying the operating characteristics of a number of alternative monetary arrangements using a large-scale simulation model of the world economy. We consider the performance of the regimes when policymakers do or do not observe the shocks, and when policymakers infer the shocks using an optimal filtering rule. Although the results are model specific and at best illustrative of the issues involved, the approach does have the advantage of providing a richer framework of analysis than is possible in simple models of international interdependence. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w2024 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559277 |
| 推荐引用方式 GB/T 7714 | Warwick J. McKibbin,Jeffrey D. Sachs. Comparing the Performance of Alternative Exchange Arrangements. 1986. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2024.pdf（617KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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