US Research Finds Flexible Exchange Rates May Have Automatic Stabilising Effect
RESEARCH REVIEW
Flexible exchange rates have an automatic stabilising impact even when the only shocks to an economy are monetary shocks, says a study of optimal exchange rates by Charles Engel of the University of Wisconsin.
The study, undertaken for the Cambridge, Massachusetts-based National Bureau of Economic Research, looks at exchange rate policy options for Mexico, including whether the country should replace the peso with the US dollar -- dollarisation -- or adopt a currency board that permanently fixes
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