FIXING EXCHANGE-RATES - A VIRTUAL QUEST FOR FUNDAMENTALS

• 成果类型: Article
• 署名作者: FLOOD, RP; ROSE, AK
• 署名单位: University of California System; University of California Berkeley; International Monetary Fund
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(95)01210-4
• 发表日期: 1995
• 页码: 3-37
• 关键词: STRUCTURAL EQUATIONS; VIRTUAL TRADITIONAL FUNDAMENTALS; volatility; monetary models; FIXED FLOATING EXCHANGE RATE REGIMES

摘要

Fixed exchange rates are less volatile than floating rates. But the volatility of macroeconomic variables such as money and output does not change very much across exchange rate regimes. This suggest that exchange rate models based only on macroeconomic fundamentals are unlikely to be very successful. It also suggests that there is no clear tradeoff between reduced exchange rate volatility and macroeconomic stability.