Managed Exchange-rate Flexibility: The Recent Experience : Proceedings of a Conference Held at Melvin Village, New Hampshire, October, 1978 |
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activity levels adjustment analysis balance of payments balance-of-payments behavior Canada Canadian dollar central bank Chart coefficient currency current account cyclical position decline depreciation deviations from PPP discussion domestic Dornbusch effects empirical equation equilibrium exchange rate estimates exchange-rate changes exchange-rate flexibility exchange-rate policies expectations exports external factors Federal Reserve Bank Financial fiscal impulse fixed-exchange rates flexible-exchange rates Floating Exchange Rates fluctuations forecast errors foreign exchange market forward rate France German mark Germany impact import prices impulse variable increase industrial countries inflation rates inflationary interest rates International Finance International Monetary international surveillance Japan judgmental approach lagged Levich market efficiency monetary approach monetary policy money supply norms official intervention output paper period price level private speculation Purchasing Power Parity real exchange rate reference-rate relative price rise shock short run spot rate Statistics target-zone theory tion trade balance transmission U.S. dollar United Kingdom Willett