Exchange Rates and the Monetary System: Selected Essays of Peter B. Kenen

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Table of Contents

Pt. I Theory
1 The Theory of Optimum Currency Areas: An Eclectic View 3
2 Effects of Intervention and Sterilization in the Short Run and the Long Run 23
3 Macroeconomic Theory and Policy: How the Closed Economy Was Opened 41
4 Forward Rates, Interest Rates, and Expectations under Alternative Exchange Rate Regimes 94
5 The Coordination of Macroeconomic Policies 107
6 Exchange Rates and Policy Co-ordination in an Asymmetric Model 147
7 Debt Buybacks and Forgiveness in a Model with Voluntary Repudiation 172
8 Exchange Rate Arrangements, Seigniorage, and the Provision of Public Goods 185
Pt. II Measurement
9 The Demand for International Reserves 227
10 Export Instability and Economic Growth 236
11 The Balance of Payments and Policy Mix: Simulations Based on a U.S. Model 249
12 Exchange Rates, Domestic Prices, and the Adjustment Process 273
13 The Role of the Dollar as an International Currency 319
14 Measuring and Analyzing the Effects of Short-Term Volatility in Real Exchange Rates 348
15 Intramarginal Intervention in The EMS and the Target-Zone Model of Exchange-Rate Behavior 353
Pt. III Policy Prescription
16 The Analytics of a Substitution Account 365
17 Use of the SDR to Supplement or Substitute for Other Means of Finance 389
18 What Role for IMF Surveillance? 423
19 Exchange Rate Management: What Role for Intervention? 435
20 The Use of IMF Credit 441
21 Organizing Debt Relief: The Need for a New Institution 464
22 Transitional Arrangements for Trade and Payments among the CMEA Countries 476
23 The European Central Bank and Monetary Policy in Stage Three of EMU 509
24 Financial Opening and the Exchange Rate Regime 527
Name Index 553
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