Variability of Prices, Output and Money Under Fixed and Fluctuating Exchange Rates: An Empirical Study of Monetary Regimes in Japan and the United States

Allan H. Meltzer

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Theory and Policy

Abstract

The closing of the gold window at the U.S. Treasury, announced in mid-August 1971, formally ended the Bretton Woods system of fixed but adjustable exchange rates. In Japan, the shift in regime and measures accompanying the shift are known as the "Nixon shock." The shock initially increased uncertainty in Japan, and elsewhere. Negotiations to reestablish fixed exchange rates at new parities eventually produced a new agreement that soon collapsed. In March 1973, major countries abandoned efforts to restore a fixed exchange rate regime.

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References

1980Macroeconomics and Reality 1973Some International Evidence on Output-Inflation Tradeoffs.1988Trends and random walks in macroeconomic time series 1983Real Business Cycles 1964A Monetary History of the United States, 1867-1960 1924A Tract on Monetary Reform 1986A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information 1981Price Inertia and Policy Ineffectiveness in the United States, 1890-1980

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2002Informality and Monetary Policy in Japan 1991Foreign exchange market intervention and domestic monetary control in Japan, 1973–1989 1998Efficient Markets, Fundamentals, and Crashes 1986Size, persistence and interrelation of nominal and real shocks 1989Stability Under the Gold Standard in Practice 1997Business cycle transmission between the United States and Japan: A vector error correction approach

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