Towards a consistent comparison of alternative exchange rate systems

Elhanan Helpman*, Assaf Razin

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


Equilibrium allocations of alternative exchange rate regimes are compared in an intertemporal framework. When money serves only as a store of value, the same real allocations are attainable under all regimes. However, if money also serves other functions, there are equilibria under the fixed rate system that eliminate those under floating rates, and vice versa.

Original languageEnglish
Pages (from-to)33-36
Number of pages4
JournalEconomics Letters
Issue numberSUPPL. 1
StatePublished - 1978


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