| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2894 |
| 来源ID | Working Paper 2894 |
| Exchange Rate Volatility and Misalignment: Evaluating Some Proposals for Reform | |
| Jacob A. Frenkel; Morris Goldstein | |
| 发表日期 | 1989-03-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | In this paper, we analyze several proposals for reducing the volatility and/or misalignment of key-currency exchange rates. The proposals examined are a system of target zones, the imposition of controls or taxes on international capital flows, and a strengthening of international coordination over economic policies. We also review key characteristics of the behavior of major-currency exchange rates over the period of floating rates and examine the various criteria or standards for drawing inferences about excess volatility and misalignment. In evaluating exchange rate volatility, attention is directed toward the influence of the exchange rate regime, to the behavior of fundamentals, to the volatility of both goods prices and other asset prices, to the costs of exchange rate volatility, and to the nature of shocks facing the economy. Turning to misalignment, we examine the strengths and weaknesses of the purchasing-power-parity approach, of the underlying balance approach, and of the sustainability approach. We argue that inferences about excess exchange rate volatility and misalignment are subject to wide margins of error and that the exchange rate experience of the past 15 years is subject to multiple interpretations. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w2894 |
| 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/560163 |
| 推荐引用方式 GB/T 7714 | Jacob A. Frenkel,Morris Goldstein. Exchange Rate Volatility and Misalignment: Evaluating Some Proposals for Reform. 1989. |
| 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 | ||
| w2894.pdf（323KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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