Fluctuations in the Exchange Rate of the Lira and Swiss Franc: 1973–8

Abstract

In February 1973, the major industrialised countries abandoned the fixed-parity system. Exchange rates were allowed to float, although intervention by monetary authorities was not completely abandoned.

A shortened version of this chapter has been published in the European Economic Review, 12 (Feb. 1979). The empirical estimates contained in the above article cover the period Feb. 1973–Dec. 1976, while here they cover the period up to Dec. 1978.