dc.contributor.author |
Endres, Anthony |
en |
dc.contributor.author |
Fleming, G.A. |
en |
dc.date.accessioned |
2006-11-30T20:53:49Z |
en |
dc.date.available |
2006-11-30T20:53:49Z |
en |
dc.date.issued |
1998 |
en |
dc.identifier.citation |
Department of Economics Working Paper Series 183 |
en |
dc.identifier.uri |
http://hdl.handle.net/2292/225 |
en |
dc.description.abstract |
Ragnar Nurkse_s contributions in the 1940s provide rules for international policy coordination complementing the contemporary position outlined by the Chicago economist Henry Simons. Nurkse_s scheme was significantly different from Bretton Woods. Interwar currency and inflation experience underscored the ineffectiveness of sterilized intervention when proceeding with inconsistent monetary and fiscal policies and vague exchange rate commitments. Credible exchange rate rules are possible only with international coordination harmonized by inflation discipline. Nurkse uses an accelerationist, natural rate argument, thereby severely circumscribing attempts to subordinate monetary and fiscal policies to the growth of employment. Ultimately, countries participating in policy coordination must use macroeconomic policies to control the rate and variability of inflation. Nurkse_s scheme depends on the antiinflation and imported credibility messages embodied in his policy rules; insistence that rules be founded on publicly recognizable criteria; recognition of the NAIRU and negative view of trade restrictions and exchange controls. His analysis of policy coordination and scepticism regarding global schemes for international financial relations accord with received wisdom in the late twentieth century. |
en |
dc.format.extent |
application/pdf |
en |
dc.format.mimetype |
text |
en |
dc.language.iso |
en |
en |
dc.publisher |
ResearchSpace@Auckland |
en |
dc.relation.ispartofseries |
Department of Economics Working Paper Series (1997-2006) |
en |
dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. |
en |
dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
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dc.subject.other |
Economics |
en |
dc.title |
Ragnar Nurkse's Rule-Based Approach to
International Monetary Relations: Complementarities with
Chicago |
en |
dc.type |
Working Paper |
en |
dc.rights.holder |
Copyright: the author |
en |
dc.rights.accessrights |
http://purl.org/eprint/accessRights/OpenAccess |
en |
pubs.org-id |
Economics |
en |