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Comment on E.-M. Claassen, “World Inflation Under Flexible Exchange Rates”

In: Flexible Exchange Rates and Stabilization Policy

Author

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  • Hans Genberg

    (Graduate Institute of International Studies)

Abstract

The paper by Professor Claassen examines within an analytic framework some of the arguments which have led to the conclusion that flexible exchange rates imply a higher rate of inflation, on the average, than fixed exchange rates. Three types of arguments are considered. The first looks at the effect of the introduction of flexible exchange rates on the conduct of monetary policy. The second takes up the so-called Mundell-Laffer proposition which relies on price rigidities and ratchet effects. Finally, Prof. Claassen analyses the likely effect of flexible exchange rates on rates of inflation via changes in the demand for international reserves.

Suggested Citation

  • Hans Genberg, 1977. "Comment on E.-M. Claassen, “World Inflation Under Flexible Exchange Rates”," Palgrave Macmillan Books, in: Jan Herin & Assar Lindbeck & Johan Myhrman (ed.), Flexible Exchange Rates and Stabilization Policy, pages 234-237, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03359-1_20
    DOI: 10.1007/978-1-349-03359-1_20
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