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Relaxing the External Constraint: Europe in the 1930s

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Barry Eichengreen

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Abstract

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great Depression. But currency depreciation was not without costs. It increased the variability of nominal exchange rates and rendered them increasingly difficult to predict. Increased variability and uncertainty about nominal exchange rates carried over to short-term changes in real exchange rates as well. Thus, exchange rate variability appears to have introduced additional noise into the operation of the price mechanism.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3410.

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Date of creation: Aug 1990
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Handle: RePEc:nbr:nberwo:3410

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References listed on IDEAS
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  1. Kamin, S.B., 1988. "Devaluation, External Balance, And Macroeconomic Performance: A Look At The Numbers," Princeton Studies in International Economics 62, International Economics Section, Departement of Economics Princeton University,.
  2. Jeffrey A. Frankel, 1989. "Obstacles to International Macroeconomic Policy Coordination," NBER Working Papers 2505, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Barry Eichengreen., 1989. "The Comparative Performance of Fixed and Flexible Exchange Rate Regimes: Interwar Evidence," Economics Working Papers 89-119, University of California at Berkeley. [Downloadable!]
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  4. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March. [Downloadable!] (restricted)
  5. James D. Hamilton, 1988. "Role Of The International Gold Standard In Propagating The Great Depression," Contemporary Economic Policy, Western Economic Association International, vol. 6(2), pages 67-89, 04. [Downloadable!] (restricted)
  6. Ben Bernanke & Harold James, 1990. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Working Papers 3488, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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