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Recent Exchange Rate Experience and Proposals for Reform

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Author Info
Jeffrey A. Frankel.

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Abstract

The paper reviews the grounds for fears that foreign exchange markets are not behaving as well as they should: recent misalignments and crises, and seven sets of academic findings. (1) Exchange rate volatility is high, (2) with possible adverse effects. (3) Volatility cannot be explained by observable fundamentals, (4) and changes when the regime changes, even without a change in volatility of fundamentals. (5) Expectations appear to be biased. (6) Short-term expectations are destabilizing. And (7) the effect of changes in monetary policy on the exchange rate is drawn out over time, and is not instantaneous.

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Publisher Info
Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C96-060.

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Date of creation: 01 Jan 1996
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Handle: RePEc:ucb:calbcd:c96-060

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  1. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Economic Structure and the Decision to Adopt a Common Currency," Seminar Papers 611, Stockholm University, Institute for International Economic Studies. [Downloadable!]
    Other versions:
  2. Frank Westerhoff, 2004. "The effectiveness of Keynes-Tobin transaction taxes when heterogeneous agents can trade in different markets: A behavioral finance approach," Computing in Economics and Finance 2004 14, Society for Computational Economics. [Downloadable!]
    Other versions:
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This page was last updated on 2009-10-31.

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