EXCHANGE RESTRICTIONS AND THE MONETARY APPROACH TO THE EXCHANGE RATE
Hebrew University of Jerusalem and Boston University
The importance of monetary variables in the determination of the exchange rate in a regime of floating rates has recently been the object of careful theoretical and empirical studies, some of which are collected in this volume.1 Many of these studies, however, have been carried out under the stated or the implicit assumption that restrictions to the international movement of capital are not present and, therefore, that market forces are the overwhelming determinants of the exchange rate. This paper presents an extension to the monetary approach to the exchange rate that analyzes the ...
Get The Economics of Exchange Rates (Collected Works of Harry Johnson) now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.