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Who cares about volatility? A tale of two exchange-rate systems

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  • Sylvain Leduc

Abstract

On an international level, countries often engage in vigorous debate about which type of exchange-rate system to follow – fixed or flexible? A question central to that debate is: Does one particular exchange-rate system promote a more stable economic environment?

Suggested Citation

  • Sylvain Leduc, 2001. "Who cares about volatility? A tale of two exchange-rate systems," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 16-25.
  • Handle: RePEc:fip:fedpbr:y:2001:i:q1:p:16-25
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    File URL: http://www.phil.frb.org/files/br/brq101sl.pdf
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    References listed on IDEAS

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    1. Backus, David K & Kehoe, Patrick J & Kydland, Finn E, 1992. "International Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 745-775, August.
    2. Marianne Baxter & Alan C. Stockman, 1988. "Business Cycles and the Exchange Rate System: Some International Evidence," NBER Working Papers 2689, National Bureau of Economic Research, Inc.
    3. Baxter, Marianne & Stockman, Alan C., 1989. "Business cycles and the exchange-rate regime : Some international evidence," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 377-400, May.
    4. Betts, Caroline & Devereux, Michael B., 2000. "Exchange rate dynamics in a model of pricing-to-market," Journal of International Economics, Elsevier, vol. 50(1), pages 215-244, February.
    5. Michael D. Bordo & Barry Eichengreen, 1993. "A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform," NBER Books, National Bureau of Economic Research, Inc, number bord93-1.
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    Keywords

    Foreign exchange rates;

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