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The Comparative Performance of Fixed and Flexible Exchange-Rate Regimes

In: Business Cycles

Author

Listed:
  • Barry Eichengreen

    (University Of California)

Abstract

The behaviour of floating exchange rates over the past 15 years has surprised and dismayed the proponents of flexibility. Nominal exchange rates have displayed a strikingly high degree of variability. The rise in nominal exchange-rate variability has been accompanied by a rise in real exchange-rate variability. Many observers believe that the connection is causal: that nominal exchange-rate movements have been a source of costly swings in relative prices. Exchange-rate flexibility does not seem to have provided the insulation from foreign disturbances or the autonomy for domestic policy predicted by early models. The implication is that exchange-rate flexibility may have larger costs and smaller benefits than forecast in 1973.

Suggested Citation

  • Barry Eichengreen, 1991. "The Comparative Performance of Fixed and Flexible Exchange-Rate Regimes," International Economic Association Series, in: Niels Thygesen & Kumaraswamy Velupillai & Stefano Zambelli (ed.), Business Cycles, chapter 10, pages 229-275, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11570-9_10
    DOI: 10.1007/978-1-349-11570-9_10
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    Cited by:

    1. Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402, National Bureau of Economic Research, Inc.
    2. Barry Eichengreen, 1992. "Three Perspectives on the Bretton Woods System," NBER Working Papers 4141, National Bureau of Economic Research, Inc.
    3. Amuedo-Dorantes, Catalina & Pozo, Susan, 2001. "Prewar and Postwar Macroeconomic Uncertainty: An International Perspective," Journal of Macroeconomics, Elsevier, vol. 23(4), pages 615-631, October.
    4. Susanto Basu & Alan M. Taylor, 1999. "Business Cycles in International Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 45-68, Spring.

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