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Stabilizing the rouble: Is there a case for a new Fisher rule?

  • Exchange-Rate Policy
  • Published:
Intereconomics

Abstract

The management of the exchange rate by the Russian authorities obviously lacks both effectiveness and efficiency. “Black Tuesday” has vividly shown how vulnerable the rouble is to speculative attacks. In this article, a “classical” proposal is evoked and is discussed as an alternative to the present exchange-rate policy from the sustainability point of view.

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References

  1. Finn E. Kydland and Edward C. Prescott: Rules rather than Discretion: The Inconsistency of Optimal Plans, in: Journal of Political Economy, Vol. 85, No. 3, 1977, pp. 473–491.

  2. Volker Hofmann and Friedrich L. Sell: Credibility, Currency convertibility and the Stabilisation of the Rouble, in: INTERECONOMICS, Vol. 28, No. 1, 1993, pp. 11–16.

  3. Irving Fisher: Stabilizing the Dollar, New York 1920.

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Authors and Affiliations

  1. Dresden University of Technology, Germany

    Friedrich L. Sell

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  1. Friedrich L. Sell
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Additional information

I am indebted for valuable comments to Silke Gehle, Uwe Greiner, Volker Hofmann, Axel Jochem, Henrich Maaß and to Juuso Vataya, who discussed with me an earlier version at the University of Vaasa, Finland.

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Sell, F.L. Stabilizing the rouble: Is there a case for a new Fisher rule?. Intereconomics 30, 31–35 (1995). https://doi.org/10.1007/BF02926359

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  • DOI: https://doi.org/10.1007/BF02926359

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