Comment On M. Mussa, “The Exchange Rate, The Balance of Payments and Monetary and Fiscal Policy Under a Regime of Controlled Floating”

  • Michael Parkin


“[The] central contention of … [Mussa’s] … paper [is] that the basic theoretical framework of the monetary approach to the balance of payments remains applicable” (see above, page 97) to the world of controlled floating which has existed since 1971. The paper itself is informal and the discussion general but, there is also a more formal appendix. This comment summarizes and evaluates both the paper and the appendix.


Exchange Rate Price Level Money Supply Real Income Money Market 
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  1. Dornbusch, R.: The theory of flexible exchange rate regimes and macroeconomic policy. Scandinavian Journal of Economics 78, No. 2, pp. 255–275, 1976.Google Scholar
  2. Fisher, I.: The Purchasing Power of Money.Google Scholar
  3. Macmillan, New York, 1911. (Latest edition A.M. Kelly, New York, 1963.) Laidler, D.E.W.: The Demand for Money: Theories and Evidence. International Textbook Company, Scranton, Pa., 1969.Google Scholar

Copyright information

© The Scandinavian Journal of Economics 1977

Authors and Affiliations

  • Michael Parkin
    • 1
  1. 1.University of Western OntarioLondonCanada

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