Friedman Redux: External Adjustment and Exchange Rate Flexibility

Friedman Redux: External Adjustment and Exchange Rate Flexibility
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries.... READ MORE...

Publication date: August 2014
ISBN 9781498359245
$18.00

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