Fluctuating Exchange Rates and the International Transmission of Economic Disturbances

Abstract

The purpose of the present study is to examine the claims made for fluctuating exchange rates, and particularly to examine these claims from the point of view of the theory of unemployment.... We ask ourselves how cyclical movements of output in one part of the world would affect output elsewhere. In short, would stable countries be insulated from unstable ones under such a monetary arrangement, or would income and employment in every country still be dependent, as under the gold standard, upon economic conditions in the rest of the world? [7]

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