Series: IMF Working Papers
Author(s): Atish Ghosh , Mahvash Qureshi , and Charalambos Tsangarides
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 08 August 2014
Keywords: external dynamics, exchange rate, exchange rate regime, bilateral exchange rate, exchange rate flexibility, International Monetary Arrangements and Institutions, Open Economy Macroeconomics,
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or a...