Currency substitution,money growth rules,and the interdependence of monetary policy |
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| Affiliation: | 1. Department of Physics, New Arts, Commerce, and Science College Ahmednagar 414001, Maharashtra, India;2. Vidya Pratishthan''s Kamalnayan Bajaj Institute of Engineering & Technology, Baramati 413133, Maharashtra, India;3. School of Mechanical Engineering, Yeungnam University, Gyeongsan, 38541, Republic of Korea;4. Department of Physics, New Arts, Commerce and Science College, Parner, Ahmednagar, Maharashtra 414302, India;1. Center for Advanced Electronic and Communication Engineering, Department of Electrical, Electronic and Systems Engineering, Faculty of Engineering and Built Environment, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia;2. Pusat Sains Angkasa (ANGKASA), Institut Perubahan Iklim, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia;3. Department of Electrical Engineering, Qatar University, Doha 2713, Qatar;4. Department of Electrical Engineering, College of Engineering, University of Ha''il, Ha''il 81481, Saudi Arabia;5. Department of Electrical Engineering, College of Engineering, Taif University, P. O. Box 11099, Taif 21944, Saudi Arabia;6. Department of Electrical Engineering, Faculty of Energy Engineering, Aswan University, Aswan 81528, Egypt;2. Department of New Materials, Institute of Science and High Technology and Environmental Sciences, Graduate University of Advanced Technology, Kerman, Iran |
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| Abstract: | ![]()
This paper examines the interdependence of national monetary policies under flexible exchange rates when national currencies are seen as substitutes for one another. It is shown that the efficacy of a constant monetary growth rule as a means of controlling a country's price level depends on the policies of foreign central banks. These results are in contrast to those found under flexible exchange rates and no currency substitution. The role of monetary growth rules in a world of currency substitution is discussed. |
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