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Exchange Rate Management and Macroeconomic Policy: A National Perspective

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  • Genberg, Hans

Abstract

This paper reviews the literature on alternative exchange-rate arrangements for a small economy. It discusses exchage-rate management for short-run stabilization purposes and the choice of exchange-rate regimes to foster policy discipline. Recent research has emphasized that the appropriate degree of exchange-rate flexibility depends on the nature of disturbances. Exchange-rate movements provide information about shocks and can serve as a basis for intervention rules. Empirically operational guidelines have not yet been provided. Floating rates are said to be desirable because they allow policymakers greater autonomy. Recent research has questioned the implicit assumptions that autonomy is always useful. Rules that prevent discretionary policy may be preferable. What role, if any, the exchange rate should play in such rules has not yet been resolved. Copyright 1989 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Genberg, Hans, 1989. " Exchange Rate Management and Macroeconomic Policy: A National Perspective," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 439-469.
  • Handle: RePEc:bla:scandj:v:91:y:1989:i:2:p:439-69
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    Cited by:

    1. Kim Kyung Soo, 2000. "Foreign Exchange Intervention For Internal Balance," International Economic Journal, Taylor & Francis Journals, vol. 14(4), pages 59-75.
    2. Lane, Philip R, 2000. " Asymmetric Shocks and Monetary Policy in a Currency Union," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(4), pages 585-604, December.
    3. K. Rudgalvis, 1996. "Establishing a new currency and exchange rate determination: the case of Lithuania," CERT Discussion Papers 9604, Centre for Economic Reform and Transformation, Heriot Watt University.
    4. Makin, Anthony J. & Rohde, Nicholas, 2012. "Has Australia's floating exchange rate regime been optimal?," Economic Modelling, Elsevier, vol. 29(4), pages 1338-1343.
    5. Persson, Torsten & Tabellini, Guido, 1999. "Political economics and macroeconomic policy," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 22, pages 1397-1482 Elsevier.
    6. Lane, Philip R., 2001. "The new open economy macroeconomics: a survey," Journal of International Economics, Elsevier, vol. 54(2), pages 235-266, August.
    7. Bergbom, Lennart, 1998. "Exchange Rate Variability Inside and Outside the EMU," Working Paper Series 1998:26, Uppsala University, Department of Economics.
    8. Berger, Helge & Jensen, Henrik & Schjelderup, Guttorm, 2001. "To peg or not to peg?: A simple model of exchange rate regime choice in small economies," Economics Letters, Elsevier, vol. 73(2), pages 161-167, November.
    9. Friberg, Richard, 1997. "Should the core fear the outs? Price setting practices and international monetary transmission," SSE/EFI Working Paper Series in Economics and Finance 203, Stockholm School of Economics.
    10. Hochreiter, Eduard & Winckler, Georg, 1995. "The advantages of tying Austria's hands: The success of the hard currency strategy," European Journal of Political Economy, Elsevier, vol. 11(1), pages 83-111, March.
    11. Esteban Jadresic, 1998. "The Macroeconomic Consequences of Wage Indexation Revisited," IMF Working Papers 98/15, International Monetary Fund.
    12. Meshack Tjirongo, 1995. "Short-term stabilization versus long-term price stability: evaluating Namibia`s membership of the Common Monetary Area," Economics Series Working Papers WPS/1995-18, University of Oxford, Department of Economics.
    13. Lars E. O. Svensson, 1992. "An Interpretation of Recent Research on Exchange Rate Target Zones," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 119-144, Fall.
    14. H. Genberg, 2001. "Asset Prices, Monetary Policy and Macroeconomic Stability," DNB Staff Reports (discontinued) 64, Netherlands Central Bank.
    15. Esteban Jadresic, 2002. "The Macroeconomic COnsequences of Wage Indexation Revisited," Central Banking, Analysis, and Economic Policies Book Series,in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.), Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 8, pages 207-258 Central Bank of Chile.
    16. Esteban Jadresic, 1998. "The Macroeconomic Consequences of Wage Indexation Revisited," Working Papers Central Bank of Chile 35, Central Bank of Chile.
    17. Diego Nicolás Moccero, 2001. "Esquemas Cambiarios y Monetarios Alternativos en un Modelo de Interdependencia Macroeconómica entre Argentina y Brasil," Department of Economics, Working Papers 031, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
    18. Anker, Peter, 1999. "Uncovered interest parity, monetary policy and time-varying risk premia," Journal of International Money and Finance, Elsevier, vol. 18(6), pages 835-851, December.
    19. Filippo Cesarano, 1997. "Currency Areas and Equilibrium," Open Economies Review, Springer, vol. 8(1), pages 51-59, January.

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