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Fifty Years of Exchange Rate Research and Policy at the International Monetary Fund

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  • Jacques J. Polak
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    Abstract

    This paper reviews the development over the past fifty years in the IMF of research on, and policy attitudes toward, exchange rate matters. Three successive phases are noted. In the first ten to fifteen years, within the confines of the par value system, research was mainly focused on achieving a better understanding of the working of exchange rates. From the early 1960s to the mid-1980s, the focus shifted toward discovering and, if possible, enforcing “correct” exchange rates. More recently, the limitations of that approach have led to increased attention to the merits of alternative exchange rate regimes, both among the industrial countries and for developing countries.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal International Monetary Fund Staff Papers.

    Volume (Year): 42 (1995)
    Issue (Month): 4 (December)
    Pages: 734-761

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    Handle: RePEc:pal:imfstp:v:42:y:1995:i:4:p:734-761

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    Web page: http://www.palgrave-journals.com/

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    Cited by:
    1. Obstfeld, Maurice, 2001. "International Macroeconomics: Beyond the Mundell-Fleming Model," Center for International and Development Economics Research, Working Paper Series qt6796n8s0, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    2. Anne O. Krueger, 1997. "Whither the World Bank and the IMF?," NBER Working Papers 6327, National Bureau of Economic Research, Inc.
    3. Alex Izurieta, 2001. "Can Countries under A Common Currency Conduct Their Own Fiscal Policies?," Macroeconomics 0108008, EconWPA.
    4. Ivo Maes, 2004. "Macroeconomic and Monetary Thought at the European Commission in the 1960s," EUI-RSCAS Working Papers 1, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    5. Francis Cripps & Alex Izurieta & Terry McKinley, 2007. "Developing a Global Model for Trade, Finance and Income Distribution," Publications 1, International Policy Centre for Inclusive Growth.

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