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Lecture Six: Exchange-rate and Liquidity Régimes

In: Open-Economy Monetary Economics

Author

Listed:
  • M. L. Burstein

    (York University)

Abstract

The space of Lecture Six is largely spanned by Friedman’s (1953b) study. Until recently the controlling topics of open-economy monetary economics concerned fixed-versus-flexible-rate régimes, properties of international liquidity and debate over alternative liquidity régimes, especially that over the Bretton Woods institutions. Adjustment mechanisms are closely studied, especially by way of contrasting properties of fixed and floating rate régimes. Other standard topics — represented in the problem set and its annotations — include reprises of small-open-economy properties and Keynesian adjustment mechanisms and fresh studies of optimal-currency-zone criteria, the ‘Dutch disease’, ‘stagflation’, the Marshall-Lerner condition, the Laursen-Metzler effect and Domestic Credit Expansion (DCE).

Suggested Citation

  • M. L. Burstein, 1989. "Lecture Six: Exchange-rate and Liquidity Régimes," Palgrave Macmillan Books, in: Open-Economy Monetary Economics, chapter 6, pages 125-171, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10963-0_6
    DOI: 10.1007/978-1-349-10963-0_6
    as

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