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"Automatic" Output Stability and the Exchange Arrangement: A Multi-Country Analysis

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  • Michael Jones

Abstract

The dependence of national output variances on the structural and stochastic features of world markets and on the global exchange arrangement is depicted in a multi-country model of income and exchange rate determination. The set of Pareto optimal exchange arrangements is displayed. Examples are presented to illustrate the empirical determinants of an optimal arrangement, the situations under which currency blocs are Pareto optimal, and the distributional conflicts which often arise in an asymmetric world.

Suggested Citation

  • Michael Jones, 1982. ""Automatic" Output Stability and the Exchange Arrangement: A Multi-Country Analysis," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(1), pages 91-107.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:1:p:91-107.
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    File URL: http://hdl.handle.net/10.2307/2297143
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    Cited by:

    1. Kotilainen, Markku, . "Exchange Rate Unions: A Comparison with Currency Basket and Floating Rate Regimes," ETLA A, The Research Institute of the Finnish Economy, number 21, June.
    2. Kenneth S. Rogoff, 1983. "Productive and counterproductive cooperative monetary policies," International Finance Discussion Papers 233, Board of Governors of the Federal Reserve System (U.S.).
    3. Dale Henderson, 1984. "Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects," NBER Chapters, in: Exchange Rate Theory and Practice, pages 359-406, National Bureau of Economic Research, Inc.
    4. Friedrich L. Sell, 1996. "On the theoretical determination of optimal currency areas in the framework of club theory," Finnish Economic Papers, Finnish Economic Association, vol. 9(2), pages 126-143, Autumn.

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