By Carmen M. Reinhart
Essays by means of fashionable students and policymakers honor probably the most influential macroeconomists of the final thirty years, discussing the subjects in the back of his paintings.
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Additional info for Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo
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4 Concluding Remarks We have shown that the influential Mundell-Fleming result—that the choice of the optimal exchange rate regime should depend on the type of shock hitting the economy—critically depends on the assumption that while there are frictions in goods markets (in other words, sticky prices), asset markets are frictionless. If we reverse these assumptions—frictionless goods markets and segmented asset markets—we turn the famous Mundell-Fleming dictum on its head: flexible rates are called for in the presence of monetary shocks whereas fixed exchange rates are optimal in the presence of real shocks.
For an extension of our main results to more general rules involving a fixed rate of growth of either the money supply or the exchange rate, see Lahiri, Singh, and Ve´gh (2006). 9. In a stochastic version of the model, the equivalent assumption would be that velocity shocks are white noise. , and Warren Weber. 2001. ’’ American Economic Review 91: 219–225. Calvo, Guillermo. 1999. ’’ Mimeo, University of Maryland. Cespedes, Luis, Roberto Chang, and Andres Velasco. 2004. ’’ American Economic Review 94: 1183–1193.
2003. ’’ Review of Economic Studies 70: 743–764. ———. 2008. ’’ Journal of International Money and Finance 27, in press. , and Carmen M. Reinhart. 2002. ’’ Quarterly Journal of Economics 117: 379–408. , and Charles Engel. 2003. ’’ Review of Economic Studies 70: 765–783. Duarte, Margarida. 2004. ’’ Federal Reserve Bank of Richmond Economic Quarterly 90: 21–40. Duarte, Margarida, and Maurice Obstfeld. 2008. ’’ Journal of International Money and Finance 27, in press. Eichengreen, Barry, and Ricardo Hausmann.
