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On Exchange Rates and Efficiency

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  • Fisher, Eric O'N

Abstract

This paper analyzes an exchange economy in which several assets serve as stores of value and where agents have completely heterogeneous preferences and endowments. It describes the set of perfect foresight equilibria in which all assets have positive prices. There are international policies with determinate exchange rates if the world economy satisfies a strong efficiency criterion. Also, the corresponding equilibrium allocations are in the core of the world economy for certain international policies. Hence, a system of fixed exchange rates can support efficient allocations to the extent that countries agree on a division of seigniorage in the creation of international reserves.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 7 (1996)
Issue (Month): 2 (February)
Pages: 267-81

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Handle: RePEc:spr:joecth:v:7:y:1996:i:2:p:267-81

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Cited by:
  1. Eric O'N. Fisher, 1994. "A Note on the Core of a Monetary Economy," GE, Growth, Math methods 9411001, EconWPA.
  2. Azariadis, Costas & Bullard, James & Smith, Bruce D., 2001. "Private and Public Circulating Liabilities," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 59-116, July.
  3. Fisher, Eric O'N., 1999. "On exchange rates and economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 23(5-6), pages 851-872, April.
  4. Bhattacharya, Joydeep & Guzman, Mark G. & Shell, Karl, 2009. "Price Level Volatility: A Simple Model of Money Taxes and Sunspots," Staff General Research Papers 5167, Iowa State University, Department of Economics.
  5. Dupor, Bill, 2000. "Exchange rates and the fiscal theory of the price level," Journal of Monetary Economics, Elsevier, vol. 45(3), pages 613-630, June.

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