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In this paper I shall consider three aspects of the problem of international monetary stability, by which I mean exchange rate stability: (1) Under what conditions is exchange rate stability possibl...
My thesis will be that monetarists, while their criticism ofthe Fed’s expansionist history has been most welcome and has been instrumental in the struggle against inflation, do not go far enough. In...
The International MonetaryFund failedto anticipate Asia’s financial crisis. Then, to addinsult toinjury, the IMF misdiagnosed the patient’s malady and prescribed the wrong medicine. Not surprisingly...
Economic growth is no accident;it needs an environment of secure property rights, openness to trade, reliance on markets, and monetary stability. Since 1982, the United States has enjoyed relatively...
Few topics in macroeconomics are as contentious as capital account liberalization and exchange rate regimes. This article attempts to briefly summarize what we have learned through the turbulent 19...

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