World Inflation under Flexible Exchange Rates
Under a system of fixed exchange rates the phenomenon of inflation is a world phenomenon. This statement is derived from price-theoretical considerations with respect to the price formation of tradeable goods in the world goods market and it is independent of any explanation of inflation, whether it is Keynesian or monetarist, of a sociological or of any other type.
KeywordsExchange Rate Monetary Policy Central Bank Price Level Inflation Rate
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