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Exchange rate puzzles and dilemmas: how can policymakers respond?

In: The price, real and financial effects of exchange rates

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  • Sebastian Edwards

    (UCLA and National Bureau of Economic Research)

Abstract

We have had two days of intense, fruitful and profound discussions. The experiences of a number of countries have been analysed, and some of the most important policy issues faced by central bankers have been highlighted. During my keynote address, I discussed some exchange rate-related issues that I believe are of importance for central bankers. Among these, perhaps the most current one relates to what central bankers in small open economies should do in the light of aggressive policy actions by the Federal Reserve and/or the European Central Bank. Should central banks in small open economies such as Thailand or Colombia follow the Fed, or should they pursue fully independent policies, based on their own policy rules?.

Suggested Citation

  • Sebastian Edwards, 2018. "Exchange rate puzzles and dilemmas: how can policymakers respond?," BIS Papers chapters, in: Bank for International Settlements (ed.), The price, real and financial effects of exchange rates, volume 96, pages 144-147, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:96-16
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