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Essays through sought after students and policymakers honor some of the most influential macroeconomists of the final thirty years, discussing the subjects in the back of his paintings.
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Extra resources for Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo
2002. ’’ In NBER Macroeconomics Annual 2002, ed. Mark Gertler and Kenneth Rogoff, 231–272. Cambridge, MA: MIT Press. Keynes, John Maynard. 1963. ’’ In Essays in Biography, 125–217. New York: W. W. Norton & Company. Obstfeld, Maurice, and Kenneth Rogoff. 2000. ’’ Journal of International Economics 50: 117–153. ———. 2002. ’’ Quarterly Journal of Economics 117: 503–535. Woodford, Michael. 2003. Interest and Prices. Princeton, NJ: Princeton University Press. 2 Optimal Exchange Rate Regimes: Turning MundellFleming’s Dictum on Its Head Amartya Lahiri, Rajesh Singh, and Carlos A.
34, to obtain b< ð1 À vt Þ yt þ vtþ1 ytþ1 : ð1 À vtÀ1 ÞytÀ1 þ vt yt ð2:49Þ Again, since this condition involves only exogenous variables, one can always choose b and output and velocity processes such that it holds. Amartya Lahiri, Rajesh Singh, and Carlos A. Ve´gh 36 Intuition To understand the intuition as to why the cash-in-advance (CIA) may bind for nontraders, consider the case of ﬂexible exchange rates and no velocity shocks (that is, output shocks only). 48 will always hold because, by assumption, b < 1.
After writing this paper, I learned that Duarte (2004) had independently made essentially the same point about the need for exchange-rate ﬂexibility (albeit in a somewhat different setting). See also Duarte and Obstfeld (2008). These two papers are based on money supply rather than nominal interest rate policy feedback rules. On some implications of this difference, see note 7 below. 4. Foreign producer i supplies tradable 1 þ i and nontradable i. 5. For j ¼ f, the integration is over the interval ½1; 2.