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A single investor of the current account surplus? Benefits and risks of a monopoly supplier of money in Switzerland

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  • Reto Foellmi

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Abstract

Studying the currency competition episode in Switzerland of the 19th century, I argue that modern economies need a single supplier of money to pursue stabilization policy. In small open economies with integrated capital markets, the uncertainty about the real exchange poses new risks to monetary policy which were only little discussed in the previous literature.

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  • Reto Foellmi, 2017. "A single investor of the current account surplus? Benefits and risks of a monopoly supplier of money in Switzerland," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 68(01), pages 109-114, December.
  • Handle: RePEc:usg:auswrt:2017:68:01:109-114
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    1. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, vol. 68(2), pages 247-274, March.
    2. repec:cup:cbooks:9781107199309 is not listed on IDEAS
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