The book offers an in-depth exploration of recent theories of inflation that have emerged over the past twenty years, specifically addressing the inflationary pressures faced by Western nations. It examines the evolution of economic thought and the various approaches developed to understand and mitigate inflation in contemporary contexts.
InhaltsverzeichnisInhalt: H. Frisch, Geldmengen- oder Wechselkursziel in einem Modell der neuen klassischen Makroökonomie - K. Socher, Die Erfahrung der Geldpolitik mit Wechselkurszielen am Beispiel Österreichs - M. J. M. Neumann / J. von Hagen, Theoretische und empirische Grundlagen von Geldmengenzielen und ihre Realisierung - A. Oberhauser, Kritische Thesen zu einer strikt potentialorientierten Geldmengenpolitik - H.-J. Jarchow, Devisenmarkteinflüsse auf Geldmenge, Zins und Wechselkurs - O. Issing, Der Euro-DM-Markt und die Deutsche Geldpolitik
This book features a collection of scholarly articles examining various aspects of exchange rates and economic policies. It begins with a discussion on a partial indexation scheme and progresses through topics such as inflation, terms of trade, and dynamics of intervention in foreign exchange markets. Contributions explore the relationship between asset dynamics and the real sector in small open economies under flexible exchange rates. The demand for international reserves is analyzed in both pegged and flexible regimes, while the effects of exchange market intervention policies are debated, presenting differing views and a synthesis. The text also delves into the role of exchange-market interventions and open-market operations as tools for active employment policies. It assesses the relative importance of monetary and fiscal actions in the U.S. context following the shift to flexible exchange rates. Empirical models are introduced to understand short-run exchange rate fluctuations, with specific case studies on the Deutschmark and Swiss Franc. The influence of interest arbitrage, speculation, and commercial hedging on forward exchange rates is investigated, alongside Austria's experience with floating exchange rates. Finally, the impact of exchange rate changes on foreign trade and prices in small open economies is presented, along with insights into financial policies in industrialized nations and their correlation with exc