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Fixed versus Flexible Exchange Rates in 1995

In: Contemporary Economic Issues

Author

Listed:
  • Alberto Giovannini

    (Columbia University
    NBER
    CEPR)

Abstract

Economists’ ignorance on the question of alternative exchange rate regimes can never be overstated. Our lack of knowledge of the economic effects of monetary regimes, or of money in general, is the main reason why the debate on monetary issues, and the relative merits of fixed versus flexible exchange rates, is often so enthralling. Because technicians cannot provide the definitive answer on many important questions about monetary policy, the debate on the choices of monetary authorities often becomes the preferred ground of politicians, newspaper editorialists and, to use a term coined by Paul Krugman (1994), policy entrepreneurs. Sometimes, in the most spectacular cases, exchange-rate and monetary issues are blown up out of proportion to become great national issues. The case of the European Monetary Union (EMU) is a good illustration of this: the drama around it rarely touches on the economic effects of the adoption of a single currency in Europe.

Suggested Citation

  • Alberto Giovannini, 1998. "Fixed versus Flexible Exchange Rates in 1995," International Economic Association Series, in: Daniel Cohen (ed.), Contemporary Economic Issues, chapter 8, pages 182-193, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26084-3_8
    DOI: 10.1007/978-1-349-26084-3_8
    as

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