Abstract
During the last 13 years the world economy was faced with floating exchange rates of the major currencies. After a short initial period where enthousiasm prevailed, negative effects of floating exchange rates, like short-term overshooting and long-term deviations of rates from their equilibrium levels, became visible and, as a consequence, doubts about the choice of favor of floating arose. It is, therefore, not astonishing that a renewed interest in the positive effects of stable exchange rates can be perceived. In theoretical studies this recent shift was witnessed by an intensified attention to mixtures of fixed and flexible exchange rates.1
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© 1987 Martinus Nijhoff Publishers, Dordrecht
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Amman, H.M., Jager, H. (1987). Optimal Economic Policies Under a Crawling-Peg Exchange-Rate System an Empirical Approach. In: Carraro, C., Sartore, D. (eds) Developments of Control Theory for Economic Analysis. Advanced Studies in Theoretical and Applied Econometrics, vol 7. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-3495-5_7
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DOI: https://doi.org/10.1007/978-94-009-3495-5_7
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