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Comment on J. Williamson, “Exchange Rate Flexibility and Reserve Use”

In: Flexible Exchange Rates and Stabilization Policy

Author

Listed:
  • Stanley W. Black

    (Vanderbilt University
    Institute for International Economic Studies)

Abstract

John Williamson’s paper investigates the trade-off between flexibility of exchange rates and the degree of intervention by authorities in exchange markets. The first part of the paper tries to measure the degree of use of official reserves before and after floating. The second part looks at the trade-off between variance in the exchange rate and variance of intervention in a stochastic theoretical model of the exchange market.

Suggested Citation

  • Stanley W. Black, 1977. "Comment on J. Williamson, “Exchange Rate Flexibility and Reserve Use”," Palgrave Macmillan Books, in: Jan Herin & Assar Lindbeck & Johan Myhrman (ed.), Flexible Exchange Rates and Stabilization Policy, pages 208-213, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03359-1_18
    DOI: 10.1007/978-1-349-03359-1_18
    as

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