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Exchange-Rate Management and Policy

In: International Macroeconomics

Author

Listed:
  • Graham Bird

    (University of Surrey)

Abstract

In the previous chapter we focused on the analysis of monetary and fiscal policy. Exchange-rate variations came in to the analysis as a fairly passive response to payments disequilibria. In this chapter we concentrate more exclusively on the effects of changing the exchange rate. This will involve discussing the so-called elasticities approach to the balance of payments. This approach contrasts with the open-economy model introduced in Chapter 2 since, whereas that model essentially examines the implications of changes in income with prices held constant, the elasticities approach examines what happens when prices change and income is held constant. The chapter also examines devaluation within the context of the absorption approach which stresses the importance of income as opposed to prices.

Suggested Citation

  • Graham Bird, 1987. "Exchange-Rate Management and Policy," Palgrave Macmillan Books, in: International Macroeconomics, chapter 7, pages 97-112, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-09829-0_7
    DOI: 10.1007/978-1-137-09829-0_7
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