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Fifty Years of Exchange Rate Research and Policy at the International Monetary Fund

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  • Jacques J. Polak
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    This paper reviews the development over the past fifty years in the IMF of research on, and policy attitudes toward, exchange rate matters. Three successive phases are noted. In the first ten to fifteen years, within the confines of the par value system, research was mainly focused on achieving a better understanding of the working of exchange rates. From the early 1960s to the mid-1980s, the focus shifted toward discovering and, if possible, enforcing “correct” exchange rates. More recently, the limitations of that approach have led to increased attention to the merits of alternative exchange rate regimes, both among the industrial countries and for developing countries.

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    Article provided by Palgrave Macmillan in its journal International Monetary Fund Staff Papers.

    Volume (Year): 42 (1995)
    Issue (Month): 4 (December)
    Pages: 734-761

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    Handle: RePEc:pal:imfstp:v:42:y:1995:i:4:p:734-761
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    1. Calvo, Guillermo A. & Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Targeting the real exchange rate: theory and evidence," Journal of Development Economics, Elsevier, vol. 47(1), pages 97-133, June.
    2. J. Marcus Fleming, 1958. "Exchange Depreciation, Financial Policy, and the Domestic Price Level," IMF Staff Papers, Palgrave Macmillan, vol. 6(2), pages 289-322, April.
    3. S. C. Tsiang, 1957. "An Experiment with a Flexible Exchange Rate System: The Case of Peru, 1950-54," IMF Staff Papers, Palgrave Macmillan, vol. 5(3), pages 449-476, February.
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