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- W2271873513 abstract "The effects of the foreign exchange rate on both prices and quantities are widespread, making it one of the most important prices in our economy, but it is very difficult to predict how policy will affect it. There are many theories about how the exchange rate is determined, but all the systematic ones are largely irrelevant in today's world. At different periods in the history of the international economy different motives were dominant among participants in foreign exchange markets. Currently, speculation overwhelms all other reasons for foreign exchange transactions. The theories of exchange rate determination, that have been influential in the past, focus on one or another set of so-called 'economic fundamentals'. These are only one of the factors affecting speculation and are often not an important one. Policy makers in even moderately open economies cannot ignore the effects of their actions on the exchange rate. Hence, they have to consider what motivates speculators in the foreign exchange market. It is possible to list the ways policy actions may affect the exchange rate, but the extent to which each does so is often unpredictable. Keynes' comparison of the determinants of share prices with those of the winner of a beauty contest gives the most insight into how the foreign exchange market works today. Observable economic factors are only important to the extent that they affect expectations about the actions of others. This varies from case to case and there are no golden rules to guide policy makers. The exchange rate does constrain policy to some extent but not as much as is often thought." @default.
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- W2271873513 date "2006-01-01" @default.
- W2271873513 modified "2023-09-26" @default.
- W2271873513 title "Does the Foreign Exchange Rate Constrain Full Employment Policy in Australia" @default.
- W2271873513 hasPublicationYear "2006" @default.
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