Abstract
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.
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References
Emil-Maria Claassen, (1975), ‘Demand for International Reserves and the Optimum Mix and Speed of Adjustment Policies’, American Economic Review, (June, 1975).
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© 1977 International Economic Association
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Claassen, EM. (1977). World Inflation under Flexible Exchange Rates. In: Lundberg, E. (eds) Inflation Theory and Anti-Inflation Policy. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-03260-0_9
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DOI: https://doi.org/10.1007/978-1-349-03260-0_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-03262-4
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