Towards a consistent comparison of alternative exchange rate systems |
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Authors: | Elhanan Helpman Assaf Razin |
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Affiliation: | Tel-Aviv University, and University of Rochester, Rochester, NY 14627, USA;Tel-Aviv University, Ramat-Aviv, Tel-Aviv, Israel |
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Abstract: | Equilibrium allocations of alternative exchange rate regimes are compared in an intertemporal framework. When money serves only as a store of value, the same real allocations are attainable under all regimes. However, if money also serves other functions, there are equilibria under the fixed rate system that eliminate those under floating rates, and vice versa. |
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