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Dynamic Exchange Rate Equilibria with Uncertain Government Policy

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  • Gerald Nickelsburg

Abstract

In this paper we link two exchange rate literatures by showing how threats of asset controls yields determinate exchange rates in general equilibrium models with otherwise perfect capital markets and by showing how, for certain sequences of threats, exchange rate determination may be well explained by monetary variables. We find that in general there exists no natural exchange rate, and market rates may be sensitive to changed perceptions about future exchange rate intervention.

Suggested Citation

  • Gerald Nickelsburg, 1984. "Dynamic Exchange Rate Equilibria with Uncertain Government Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(3), pages 509-519.
    • Handle: RePEc:oup:restud:v:51:y:1984:i:3:p:509-519.
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    File URL: http://hdl.handle.net/10.2307/2297437
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    Cited by:

    1. Buiter, Willem H., 2014. "The simple analytics of helicopter money: Why it works - always," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-51.
    2. Nyahoho, Emmanuel, 1995. "La concurrence de monnaies dans un marché financier dématérialisé," L'Actualité Economique, Société Canadienne de Science Economique, vol. 71(3), pages 334-364, septembre.

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