Federal Reserve Bank of St Louis
نویسندگان
چکیده
LLAN MELTZER HAS PRESENTED a paper that rescues Milton Friedman’s 1953 defense of flexible exchange rates from its critics and presents an impressive amount of empirical evidence against today’s received opinion favoring fixed exchanges. Nothing is more bracing than the refutation of conventional wisdom nor more satisfying than the vindication of the simple faith that the market is always right against the latest interventionist fads of central bankers, %%‘hich is what I take to be the practical consequence of the paper. Anything that could make Europeans think again about imposing a contrived monetary union in the EU is most welcome.
منابع مشابه
Repos, fire sales, and bankruptcy policy ¬リニ¬リニ¬リニ
a Washington University in St. Louis, One Brookings Drive, St. Louis, MO 63130, United States b Federal Reserve Board of Governors, 20th and C Streets NW, Washington, DC 20551, United States c University of Illinois at Urbana-Champaign, 1407 W. Gregory, Urbana, IL 61801, United States d Federal Reserve Bank of New York, 33 Liberty St, New York, NY 10045, United States e Federal Reserve Bank of ...
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