By Willem H Buiter, Clemens Grafe
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Additional resources for Central Banking and the Choice of Currency Regime in Accession Countries
Of course, if the euro and the local currency were to become perfect direct substitutes, even a floating exchange rate regime would turn out to support only constant exchange rate equilibria. Any expected depreciation or appreciation would imply the total abandonment of the currency that is expected to weaken. 15 Narrow or base money is assumed to be non-interest bearing. The Kareken and Wallace universe has the further interesting property that the level of the (expected) equilibrium exchange rate, while constant, is indeterminate.
G. V. Vanthoor, The Federal Reserve System Discussed: A Comparative Analysis. Vienna, 2000. ISBN 3-902109-02-5.
The downside of international financial integration is that the international financial market system can be a source of volatility, shocks and instability. Exchange rate volatility is reflected in import price volatility and temporary variations in the rate of inflation. This effect is stronger the more open the economy is to trade in goods and services. Undue sensitivity of domestic monetary policy to such short-term movements in the inflation rate can be destabilising for the real economy. Skilful monetary targeting filters out the noise in the observed price, exchange rate and inflation signals and extracts signal concerning the underlying inflation rate.