| 書目名稱 | Exchange Rate Determination and Optimal Economic Policy Under Various Exchange Rate Regimes | | 編輯 | Eelke Jong | | 視頻video | http://file.papertrans.cn/319/318341/318341.mp4 | | 叢書名稱 | Lecture Notes in Economics and Mathematical Systems | | 圖書封面 |  | | 描述 | 1.1 Some characteristics of the floating exchange rate system The flexible exchange rate system has functioned far less satisfactorily than many anticipated in 1973, when the major industrialized countries decided to let their currencies float. The dominant currencies‘ exchange rates have fluctuated more 1 than expected. These fluctuations concern both short-term movement- intraday fluctuations and movements during a week or a month - and long- term changes that last for more than a year. Daily percentage changes of one percent are not unusual for the recent float (see MacDonald, 1988, p.8). However, the release of new information can give rise to much larger changes. For example in August 1987 "the dollar moved down 6 percent in two days based on the July trade figures" (Glynn, 1988, p. 36). For the period 1973-1985 MacDonald (1988, p.10) presents minimum and maximum monthly percentage exchange rate changes. These figures clearly illustrate the magnitude of the volatility and also show that the volatility has not diminished as the experience 2 with floating has increased. In addition to this volatility, exchange rates are also characterized by misalignment: "persistent departure o | | 出版日期 | Book 1991 | | 關(guān)鍵詞 | Erwartungen; Wechselkurs; Wechselkurs?nderung; Wirtschaftspolitik; economic policy; monetary union; regres | | 版次 | 1 | | doi | https://doi.org/10.1007/978-3-642-51668-9 | | isbn_softcover | 978-3-540-54021-2 | | isbn_ebook | 978-3-642-51668-9Series ISSN 0075-8442 Series E-ISSN 2196-9957 | | issn_series | 0075-8442 | | copyright | Springer-Verlag Berlin Heidelberg 1991 |
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