Mundell-Fleming Lecture: Exchange Rate Systems, Surveillance, and Advice

International Macroeconomics: Beyond the Mundell-Fleming Model

Modern international macroeconomics progresses in twomain ways. First, techniques or paradigms developed in mainstream micro or macro theory have been applied in an international setting. Second, researchers probe more deeply, using both theoretical and empirical methods, into the classic issues that define international economics as a distinct field–the implications of sovereign governments an...

Wages, Flexible Exchange Rates, and Macroeconomic Policy*

In an open economy with a floaLing exchange rate, the efficacy of fiscal and monetary policy depends fundamentally on the wage-setting pnxiess. In the canonical models of Mundell and Fleming, monetary expansion raises output via an exchange rate depreciation, while fiscal expansion has no output effect. These results hold only when real wages can be altered by exchange rate movements; if the re...

The Appropriate Exchange Rate System and the Regulation and Forecast of Exchange Rate for Iran's Economy

Cooperative Learning Using Advice Exchange

One of the main questions concerning learning in a Multi-Agent System’s environment is: “(How) can agents benefit from mutual interaction during the learning process?” This paper describes a technique that enables a heterogeneous group of Learning Agents (LAs) to improve its learning performance by exchanging advice. This technique uses supervised learning (backpropagation), where the desired r...

Policy Time-Inconsistency: A Comparison of Managed Floating Exchange Rate and Controlled Exchange Rate Regimes

Some empirical and theoretical studies have emphasized on fixed exchange rate regime in controlling time inconsistency, while others consider the role of target zone regime as an important factor. Thus there is no general consensus to decide which exchange rate regime may bring about less time-inconsistency. The main purpose of this study is to investigate policy time-inconsistency in exchange ...