McKinnon's "Exchange-Rate Flexibility and Monetary Policy,": Comment

1971 ◽  
Vol 3 (2) ◽  
pp. 366
Author(s):  
Thomas J. Courchene
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Exchange Rate Flexibility

Welchen Einfluss hat der Wechselkurs auf die internationale Rolle von US-Dollar und Euro?

2009 ◽  
Vol 10 (1) ◽  
pp. 21-38
Author(s):  
Hermann Remsperger ◽  
Adalbert Winkler
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Emerging Market ◽  
Exchange Rate Flexibility ◽  
Exchange Rate Fluctuations ◽  
Inflation Differentials ◽  
International Currencies ◽  
International Role ◽  
The Impact

AbstractThis article analyses the impact of the exchange rate on the role of dollar and euro as international currencies. It is found that exchange rate fluctuations are a major determinant of the international role of currencies only if they reflect sizeable inflation differentials. Accordingly, major changes in the international role of dollar and euro are not to be expected given the continuation of a stability-oriented US monetary policy. However, a move towards more exchange rate flexibility in emerging market economies, reflecting the need for greater monetary policy autonomy, might lead to a relative strengthening of the international role of the euro. 38 C

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