Citation

Discussion Paper Details

Please find the details for DP266 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

Title: The International Monetary System: An Analysis of Alternative Regimes

Author(s): Marcus Miller and John Williamson

Publication Date: July 1988

Keyword(s): Exchange Rates Systems, International Monetary Reform, International Monetary Regimes and Speculation

Programme Area(s): International Macroeconomics

Abstract: This is an exercise in the positive economics of alternative monetary regimes. The behaviour of output and prices is compared using a stochastic specification which allows asymptotic variances to be obtained without difficulty. Free floating of exchange rates together with national money supply targets is analysed first, with and without the presence of `fads' in the exchange rate. Two alternatives for monetary coordination are then considered. First, McKinnon's proposal to fix nominal exchange rates and stabilize aggregate monetary growth (or average inflation); second, Williamson's system of Target Zones for stable real exchange rates, complemented by nominal income targets for fiscal policy.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=266

Bibliographic Reference

Miller, M and Williamson, J. 1988. 'The International Monetary System: An Analysis of Alternative Regimes'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=266