Have Flexible Exchange Rates Handicapped Macroeconomic Policy?

adjustment American Enterprise Institute Argy Artus assets capital flows capital mobility cent ceteris paribus coefficient conclusion coun currency deficit demand devaluation discipline domestic prices Dornbusch Economic Review estimates exchange-rate changes exchange-rate regime expansionary expected export fiscal policy fixed rates flexible exchange rates flexible rates Floating Exchange Rates floating rates floating-rate period foreign disturbances Germany Goldstein high-inflation countries hypothesis IMF Staff Papers import prices increase inflation rates insulation interest rate International Finance Section International Monetary Fund international reserves Italy Japan Kenen Kouri labor largest industrial countries long run macroeconomic macroeconomic policy monetary expansion monetary policy money supply money-supply changes Mundell Mundell-Fleming models nontradable offset Phillips curves policy under flexible price elasticities price level ratchet real income real output real wages response revaluing country seven largest industrial shocks short-run Spitaeller stability studies substitution target tion trade balance trade flows U.S. dollar unemployment rates United Kingdom vicious circle Willett