Back Matter
  • 1 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund

Abstract

This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.

References

  • Adams, Charles Daniel Gros, The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples,” IMF Staff Papers, Vol. 33 (September 1986). pp. 43976.

    • Search Google Scholar
    • Export Citation
  • Aghevli, Bijan B.Experiences of Asian Countries wiih Various Exchange Rate Policies,” in Exchange Rate Rules: The Theory, Performance, and Prospects of the Crawling Peg. ed. by Williamson, John (London: MacMillan, 1981), pp. 298318.

    • Search Google Scholar
    • Export Citation
  • Aghevli, Bijan B. and Peter J. Montiel, Exchange Rate Policies in Developing Countries,” in Exchange Rate Policies of Less Developed and Socialist Economies, ed. by E. Claasen (San Francisco: International Center for Economic Growth, 1990).

    • Search Google Scholar
    • Export Citation
  • Aizenman, Joshua, and Jacob A. Frenkel, Optimal Wage Indexation, Foreign Exchange Intervention, and Monetary Policy.” American Economic Review. Vol. 75 (June 1985), pp. 40223.

    • Search Google Scholar
    • Export Citation
  • Argy, Victor and Paul De Grauwe. eds., Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countries (Washington, D.C., International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Balassa, Bela, The Purchasing Power Parity Doctrine: A Reappraisal,” Journal of Political Economy (December 1964), pp. 58496.

  • Barro, Robert J., David B. Gordon, Rules, Discretion, and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics (July 1983), pp. 10121.

    • Search Google Scholar
    • Export Citation
  • Boyer, R., Optimal Foreign Exchange Market Intervention,” Journal of Political Economy (December 1978). pp. 104555.

  • Buiter, Willem, Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-Technical Eclectic Introduction,” NBER Working Paper No. 2041 (Cambridge, Massachusetts: National Bureau for Economic Research, October 1986).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo A., Pablo E. Guidotti, Level and Variability of the Optimal Inflation Tax,” unpublished; International Monetary Fund (1989).

    • Search Google Scholar
    • Export Citation
  • Canzoneri, Matthew B., Monetary Policy Games and the Role of Private Information,” American Economic Review (December 1985), pp. 105669.

    • Search Google Scholar
    • Export Citation
  • Crockett, Andrew D., Saleh M. Nsouli, Exchange Rate Policies for Developing Countries.” Journal of Developing Studies, Vol. 13 (January 1977), pp. 12543.

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, Exchange Rate Rules and Macroeconomic Stability,” in Exchange Rate Rules: The Theory, Performance and Prospects of the Crawling Peg, ed. by Williamson, John (London: MacMillan, 1981).

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, PPP Exchange-Rate Rules and Macroeconomic Stability,” Journal of Political Economy (February 1982), pp. 15865.

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, Purchasing Power Parity,” in The New Pat-grave Dictionary of Economics, ed. by John Eatwell, Murray Milgare, Peter Newman, (New York: Stockton Press, 1987).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, Real Exchange Rates, Devaluation and Adjustment: Exchange Rate Policy in Developing Countries (Cambridge, Massachusetts: MIT Press, 1989).

    • Search Google Scholar
    • Export Citation
  • Flood, RobertCapital Mobility and the Choice of Exchange Rate Systems,” International Economic Review (June 1979), pp. 40516.

  • Frenkel, Jacob A.The Collapse of Purchasing Power Parities During the 1970s,” European Economic Review (May 1981), pp. 14565.

  • Frenkel, Jacob A. Joshua Aizenman, Aspects of the Optimal Management of Exchange Rates,” Journal of International Economics (September 1982), pp. 23156.

    • Search Google Scholar
    • Export Citation
  • Frenkel, Jacob A. Morris Goldstein, A Guide to Target Zones,” IMF Staff Papers, Vol. 33, No. 4 (December 1986). pp. 63373.

  • Frenkel, Jacob A. and Assaf Razin, Fiscal Policies and the World Economy (Cambridge, Massachusetts: MIT Press, 1987).

  • Friedman, MiltonThe Case for Flexible Exchange Rates,” in Essays in Positive Economies, ed. by Friedman, Milton (Chicago: University of Chicago Press, 1976).

    • Search Google Scholar
    • Export Citation
  • Genberg, HansPurchasing Power Parity as a Rule for a Crawling Peg,” in Exchange Rate Rules: The Theory. Performance and Prospects of the Crawling Peg, ed. by Williamson, John (London: MacMillan, 1981).

    • Search Google Scholar
    • Export Citation
  • Genberg, HansExchange Rate Management and Macroeconomic Policy: A National Perspective,” unpublished (July 1989).

  • Giavazzi, Francesco, and Marco Pagano, The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility.” Centre for Economic Policy Discussion Paper No. 135 (October 1986).

    • Search Google Scholar
    • Export Citation
  • Harberger, Arnold C.Economic Adjustment and the Real Exchange Rate,” in Economic Adjustment and Exchange Rates in Developing Countries, ed. by Edwards, Sebastian Ahmed, Liaquat (Chicago: University of Chicago Press, 1986), pp. 371423.

    • Search Google Scholar
    • Export Citation
  • Helpman, Elhanan, and Leonardo Leiderman, Exchange Rate Systems: Are There New Answers to Old Questions?unpublished (December 1989).

    • Search Google Scholar
    • Export Citation
  • Johnson, Harry G., The Case for Flexible Exchange Rates. 1969,” Federal Reserve Bank of St. Louis Review (1969), pp. 1224.

  • Khan, Mohsin S., Developing Country Exchange Rate Policy Responses to Exogenous Shocks,” American Economic Review (May 1986), pp. 847.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., and J. Saul Lizondo, Devaluation. Fiscal Deficits, and the Real Exchange Rate,” World Bank Economic Review (January 1987), pp. 35774.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., and Peter Montiel, Real Exchange Rate Dynamics in a Small Primary-Exporting Country,” IMF Staff Papers, Vol. 34 (December 1987), pp. 681710.

    • Search Google Scholar
    • Export Citation
  • Kharas, Homi Brian Pinto, Exchange Rate Rules, Black Market Premia, and Fiscal Deficits: The Bolivian Hyperinflation,” Review of Economic Studies, Vol. 56 (1989), pp. 43548.

    • Search Google Scholar
    • Export Citation
  • Krugman, PaulA Model of Balance of Payments Crises,” Journal of Money, Credit, and Banking (August 1979), pp. 31125.

  • Kydland, Finn and Edward Prescott, Rules Rather than Discretion: The Inconsistency of Optima! Plans,” Journal of Political Economy (June 1977), pp. 73091.

    • Search Google Scholar
    • Export Citation
  • Lizondo, J. SaulReal Exchange Rate Targets, Nominal Exchange Rate Policies, and Inflation,” University of Tucuman, unpublished (November 1989).

    • Search Google Scholar
    • Export Citation
  • Marston, RobertWages, Relative Prices and Choice Between Fixed and Flexible Exchange Rates,” Canadian Journal of Economics (February 1982), pp. 87103.

    • Search Google Scholar
    • Export Citation
  • Mussa, MichaelExchange Rate Policy for Developing Countries: The Case for a Pegged Exchange Rate,” unpublished (January 1978).

  • Obstfeld, MauriceBalance of Payments Crises and Devaluation,” Journal of Money, Credit, and Banking (May 1984), pp. 20817.

  • Officer, Lawrence H.The Productivity Bias in Purchasing Power Parity: An Econometric Investigation,” IMF Staff Papers. Vol. 23 (November 1976), pp. 54579.

    • Search Google Scholar
    • Export Citation
  • Polak, J.J.Summary,” in Choosing an Exchange Rate Regime for Smaller Industrial Countries (Washington, D.C., International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Poole, W.Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model,” Quarterly Journal of Economics, Vol. 84 (1970), pp. 197216.

    • Search Google Scholar
    • Export Citation
  • Quirk, Peter J., and other Floating Exchange Rates in Developing Countries: Experience with Auction and Interbank Markets, IMF Occasional Paper 53, (Washington, D.C.: International Monetary Fund, 1987).

    • Search Google Scholar
    • Export Citation
  • Rogoff, Kenneth The Optimal Degree of Commitment to an Intermediate Monetary Target,” Quarterly Journal of Economics (November 1985), pp. 116989.

    • Search Google Scholar
    • Export Citation
  • Samuelson, Paul A., Theoretical Notes on Trade Problems,” Review of Economics and Statistics (May 1964), pp. 14554.

  • Taylor, John B., Staggered Wage Setting in a Macro Model,” American Economic Review (May 1979). pp. 10813.

  • Turnovsky, Stephen, The Relative Stability of Alternative Exchange Rate Systems in the Presence of Random Disturbances,” Journal of Money, Credit, and Banking (February 1976), pp. 2950.

    • Search Google Scholar
    • Export Citation
  • Turnovsky, Stephen, Wage Indexation and Exchange Market Intervention in a Small Open Economy,” Canadian Journal of Economics (November 1985), pp. 57492.

    • Search Google Scholar
    • Export Citation
  • Wickham, Peter The Choice of Exchange Rate Regime in Developing Countries.” IMF Staff Papers, Vol. 32 (June 1985), pp. 24888.

  • Williamson, John, ed., Exchange Rate Rules: The Theory, Performances and Prospects of the Crawling Peg (London: MacMillan, 1981).

  • Williamson, John, ed., A Survey of the Literature on the Optimal PegJournal of Development Economics (August 1982), pp. 3961.

Occasional Papers of the International Monetary Fund

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73. The European Monetary System: Developments and Perspectives, by Horst Ungerer, Jouko J. Hauvonen, Augusto Lopez-Claros, and Thomas Mayer. 1990.

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71. MULTIMOD Mark II: A Revised and Extended Model, by Paul Masson, Steven Symansky, and Guy Meredith. 1990.

70. The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, by Dallas S. Batten, Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki. 1990.

69. International Comparisons of Government Expenditure Revisited: The Developing Countries, 1975–86, by Peter S. Heller and Jack Diamond. 1990.

68. Debt Reduction and Economic Activity, by Michael P. Dooley, David Folkerts-Landau, Richard D. Haas, Steven A. Symansky, and Ralph W. Tryon. 1990.

67. The Role of National Saving in the World Economy: Recent Trends and Prospects, by Bijan B. Aghevli, James M. Boughton, Peter J. Montiel, Delano Villanueva, and Geoffrey Woglom. 1990.

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65. Managing Financial Risks in Indebted Developing Countries, by Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, and Iqbal Zaidi. 1989.

64. The Federal Republic of Germany: Adjustment in a Surplus Country, by Leslie Lipschitz, Jeroen Kremers, Thomas Mayer, and Donogh McDonald. 1989.

63. Issues and Developments in International Trade Policy, by Margaret Kelly, Naheed Kirmani, Miranda Xafa, Clemens Boonekamp, and Peter Winglee. 1988.

62, The Common Agricultural Policy of the European Community: Principles and Consequences, by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Dimitrios Demekas, Sanjeev Gupta, and Leslie Lipschitz. 1988.

61. Policy Coordination in the European Monetary System. Part I: The European Monetary System: A Balance Between Rules and Discretion, by Manuel Guitián. Part II: Monetary Coordination Within the European Monetary System: Is There a Rule? by Massimo Russo and Giuseppe Tullio. 1988.

60. Policies for Developing Forward Foreign Exchange Markets, by Peter J. Quirk, Graham Hacche, Viktor Schoofs, and Lothar Weniger. 1988.

59. Measurement of Fiscal Impact: Methodological Issues, edited by Mario I. Blejer and Ke-Young Chu. 1988.

58. The Implications of Fund-Supported Adjustment Programs for Poverty: Experiences in Selected Countries, by Peter S. Heller, A. Lans Bovenberg, Thanos Catsambas, Ke-Young Chu, and Parthasarathi Shome. 1988.

57. The Search for Efficiency in the Adjustment Process: Spain in the 1980s, by Augusto Lopez-Claros. 1988.

56. Privatization and Public Enterprises, by Richard Hemming and Ali M. Mansoor. 1988.

55. Theoretical Aspects of the Design of Fund-Supported Adjustment Programs: A Study by the Research Department of the International Monetary Fund. 1987.

54. Protection and Liberalization: A Review of Analytical Issues, by W. Max Corden. 1987.

53. Floating Exchange Rates in Developing Countries: Experience with Auction and Interbank Markets, by Peter J. Quirk, Benedicte Vibe Christensen, Kyung-Mo Huh, and Toshihiko Sasaki. 1987.

52. Structural Reform, Stabilization, and Growth in Turkey, by George Kopits. 1987.

51. The Role of the SDR in the International Monetary System: Studies by the Research and Treasurer’s Departments of the International Monetary Fund. 1987.

50. Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators, by Andrew Crockett and Morris Goldstein. 1987.

49. Islamic Banking, by Zubair Iqbal and Abbas Mirakhor. 1987.

48. The European Monetary System: Recent Developments, by Horst Ungerer, Owen Evans, Thomas Mayer, and Philip Young. 1986.

47. Aging and Social Expenditure in the Major Industrial Countries, 1980–2025, by Peter S. Heller, Richard Hemming, Peter W. Kohnert, and a Staff Team from the Fiscal Affairs Department. 1986.

46. Fund-Supported Programs, Fiscal Policy, and Income Distribution: A Study by the Fiscal Affairs Department of the International Monetary Fund. 1986.

45. Switzerland’s Role as an International Financial Center, by Benedicte Vibe Christensen. 1986.

44. A Review of the Fiscal Impulse Measure, by Peter S. Heller, Richard D. Haas, and Ahsan H. Mansur. 1986.

42. Global Effects of Fund-Supported Adjustment Programs, by Morris Goldstein. 1986.

41. Fund-Supported Adjustment Programs and Economic Growth, by Mohsin S. Kahn and Malcolm D. Knight. 1985.

39. A Case of Successful Adjustment: Korea’s Experience During 1980–84, by Bijan B. Aghevli and Jorge Márquez-Ruarte. 1985.

38. Trade Policy Issues and Developments, by Shailendra J. Anjaria, Naheed Kirmani, and Arne B. Petersen. 1985.

36. Formulation of Exchange Rate Policies in Adjustment Programs, by a Staff Team Headed by G.G. Johnson. 1985.

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30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984.

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Cited By

  • Adams, Charles Daniel Gros, The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples,” IMF Staff Papers, Vol. 33 (September 1986). pp. 43976.

    • Search Google Scholar
    • Export Citation
  • Aghevli, Bijan B.Experiences of Asian Countries wiih Various Exchange Rate Policies,” in Exchange Rate Rules: The Theory, Performance, and Prospects of the Crawling Peg. ed. by Williamson, John (London: MacMillan, 1981), pp. 298318.

    • Search Google Scholar
    • Export Citation
  • Aghevli, Bijan B. and Peter J. Montiel, Exchange Rate Policies in Developing Countries,” in Exchange Rate Policies of Less Developed and Socialist Economies, ed. by E. Claasen (San Francisco: International Center for Economic Growth, 1990).

    • Search Google Scholar
    • Export Citation
  • Aizenman, Joshua, and Jacob A. Frenkel, Optimal Wage Indexation, Foreign Exchange Intervention, and Monetary Policy.” American Economic Review. Vol. 75 (June 1985), pp. 40223.

    • Search Google Scholar
    • Export Citation
  • Argy, Victor and Paul De Grauwe. eds., Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countries (Washington, D.C., International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Balassa, Bela, The Purchasing Power Parity Doctrine: A Reappraisal,” Journal of Political Economy (December 1964), pp. 58496.

  • Barro, Robert J., David B. Gordon, Rules, Discretion, and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics (July 1983), pp. 10121.

    • Search Google Scholar
    • Export Citation
  • Boyer, R., Optimal Foreign Exchange Market Intervention,” Journal of Political Economy (December 1978). pp. 104555.

  • Buiter, Willem, Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-Technical Eclectic Introduction,” NBER Working Paper No. 2041 (Cambridge, Massachusetts: National Bureau for Economic Research, October 1986).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo A., Pablo E. Guidotti, Level and Variability of the Optimal Inflation Tax,” unpublished; International Monetary Fund (1989).

    • Search Google Scholar
    • Export Citation
  • Canzoneri, Matthew B., Monetary Policy Games and the Role of Private Information,” American Economic Review (December 1985), pp. 105669.

    • Search Google Scholar
    • Export Citation
  • Crockett, Andrew D., Saleh M. Nsouli, Exchange Rate Policies for Developing Countries.” Journal of Developing Studies, Vol. 13 (January 1977), pp. 12543.

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, Exchange Rate Rules and Macroeconomic Stability,” in Exchange Rate Rules: The Theory, Performance and Prospects of the Crawling Peg, ed. by Williamson, John (London: MacMillan, 1981).

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, PPP Exchange-Rate Rules and Macroeconomic Stability,” Journal of Political Economy (February 1982), pp. 15865.

    • Search Google Scholar
    • Export Citation
  • Dornbusch, Rudiger, Purchasing Power Parity,” in The New Pat-grave Dictionary of Economics, ed. by John Eatwell, Murray Milgare, Peter Newman, (New York: Stockton Press, 1987).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, Real Exchange Rates, Devaluation and Adjustment: Exchange Rate Policy in Developing Countries (Cambridge, Massachusetts: MIT Press, 1989).

    • Search Google Scholar
    • Export Citation
  • Flood, RobertCapital Mobility and the Choice of Exchange Rate Systems,” International Economic Review (June 1979), pp. 40516.

  • Frenkel, Jacob A.The Collapse of Purchasing Power Parities During the 1970s,” European Economic Review (May 1981), pp. 14565.

  • Frenkel, Jacob A. Joshua Aizenman, Aspects of the Optimal Management of Exchange Rates,” Journal of International Economics (September 1982), pp. 23156.

    • Search Google Scholar
    • Export Citation
  • Frenkel, Jacob A. Morris Goldstein, A Guide to Target Zones,” IMF Staff Papers, Vol. 33, No. 4 (December 1986). pp. 63373.

  • Frenkel, Jacob A. and Assaf Razin, Fiscal Policies and the World Economy (Cambridge, Massachusetts: MIT Press, 1987).

  • Friedman, MiltonThe Case for Flexible Exchange Rates,” in Essays in Positive Economies, ed. by Friedman, Milton (Chicago: University of Chicago Press, 1976).

    • Search Google Scholar
    • Export Citation
  • Genberg, HansPurchasing Power Parity as a Rule for a Crawling Peg,” in Exchange Rate Rules: The Theory. Performance and Prospects of the Crawling Peg, ed. by Williamson, John (London: MacMillan, 1981).

    • Search Google Scholar
    • Export Citation
  • Genberg, HansExchange Rate Management and Macroeconomic Policy: A National Perspective,” unpublished (July 1989).

  • Giavazzi, Francesco, and Marco Pagano, The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility.” Centre for Economic Policy Discussion Paper No. 135 (October 1986).

    • Search Google Scholar
    • Export Citation
  • Harberger, Arnold C.Economic Adjustment and the Real Exchange Rate,” in Economic Adjustment and Exchange Rates in Developing Countries, ed. by Edwards, Sebastian Ahmed, Liaquat (Chicago: University of Chicago Press, 1986), pp. 371423.

    • Search Google Scholar
    • Export Citation
  • Helpman, Elhanan, and Leonardo Leiderman, Exchange Rate Systems: Are There New Answers to Old Questions?unpublished (December 1989).

    • Search Google Scholar
    • Export Citation
  • Johnson, Harry G., The Case for Flexible Exchange Rates. 1969,” Federal Reserve Bank of St. Louis Review (1969), pp. 1224.

  • Khan, Mohsin S., Developing Country Exchange Rate Policy Responses to Exogenous Shocks,” American Economic Review (May 1986), pp. 847.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., and J. Saul Lizondo, Devaluation. Fiscal Deficits, and the Real Exchange Rate,” World Bank Economic Review (January 1987), pp. 35774.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., and Peter Montiel, Real Exchange Rate Dynamics in a Small Primary-Exporting Country,” IMF Staff Papers, Vol. 34 (December 1987), pp. 681710.

    • Search Google Scholar
    • Export Citation
  • Kharas, Homi Brian Pinto, Exchange Rate Rules, Black Market Premia, and Fiscal Deficits: The Bolivian Hyperinflation,” Review of Economic Studies, Vol. 56 (1989), pp. 43548.

    • Search Google Scholar
    • Export Citation
  • Krugman, PaulA Model of Balance of Payments Crises,” Journal of Money, Credit, and Banking (August 1979), pp. 31125.

  • Kydland, Finn and Edward Prescott, Rules Rather than Discretion: The Inconsistency of Optima! Plans,” Journal of Political Economy (June 1977), pp. 73091.

    • Search Google Scholar
    • Export Citation
  • Lizondo, J. SaulReal Exchange Rate Targets, Nominal Exchange Rate Policies, and Inflation,” University of Tucuman, unpublished (November 1989).

    • Search Google Scholar
    • Export Citation
  • Marston, RobertWages, Relative Prices and Choice Between Fixed and Flexible Exchange Rates,” Canadian Journal of Economics (February 1982), pp. 87103.

    • Search Google Scholar
    • Export Citation
  • Mussa, MichaelExchange Rate Policy for Developing Countries: The Case for a Pegged Exchange Rate,” unpublished (January 1978).

  • Obstfeld, MauriceBalance of Payments Crises and Devaluation,” Journal of Money, Credit, and Banking (May 1984), pp. 20817.

  • Officer, Lawrence H.The Productivity Bias in Purchasing Power Parity: An Econometric Investigation,” IMF Staff Papers. Vol. 23 (November 1976), pp. 54579.

    • Search Google Scholar
    • Export Citation
  • Polak, J.J.Summary,” in Choosing an Exchange Rate Regime for Smaller Industrial Countries (Washington, D.C., International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Poole, W.Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model,” Quarterly Journal of Economics, Vol. 84 (1970), pp. 197216.

    • Search Google Scholar
    • Export Citation
  • Quirk, Peter J., and other Floating Exchange Rates in Developing Countries: Experience with Auction and Interbank Markets, IMF Occasional Paper 53, (Washington, D.C.: International Monetary Fund, 1987).

    • Search Google Scholar
    • Export Citation
  • Rogoff, Kenneth The Optimal Degree of Commitment to an Intermediate Monetary Target,” Quarterly Journal of Economics (November 1985), pp. 116989.

    • Search Google Scholar
    • Export Citation
  • Samuelson, Paul A., Theoretical Notes on Trade Problems,” Review of Economics and Statistics (May 1964), pp. 14554.

  • Taylor, John B., Staggered Wage Setting in a Macro Model,” American Economic Review (May 1979). pp. 10813.

  • Turnovsky, Stephen, The Relative Stability of Alternative Exchange Rate Systems in the Presence of Random Disturbances,” Journal of Money, Credit, and Banking (February 1976), pp. 2950.

    • Search Google Scholar
    • Export Citation
  • Turnovsky, Stephen, Wage Indexation and Exchange Market Intervention in a Small Open Economy,” Canadian Journal of Economics (November 1985), pp. 57492.

    • Search Google Scholar
    • Export Citation
  • Wickham, Peter The Choice of Exchange Rate Regime in Developing Countries.” IMF Staff Papers, Vol. 32 (June 1985), pp. 24888.

  • Williamson, John, ed., Exchange Rate Rules: The Theory, Performances and Prospects of the Crawling Peg (London: MacMillan, 1981).

  • Williamson, John, ed., A Survey of the Literature on the Optimal PegJournal of Development Economics (August 1982), pp. 3961.