Monetäre Ursachen der Arbeitslosigkeit in Currency Board-Systemen?
The rule bounded currency board-system is a contribution to a process of convergence between the price level of the currency board-country and the anchor currency-country. However this strategy includes the risk of an inadequate provision with liquidity in the currency board-country. In the long run this corresponds to the risk of increasing the structural unemployment. Keeping up the currency board-principle of a sufficient reserve backing, the orientation of the monetary expansion to the inevitable inflation rate may reduce this risk. However it also raises the risk of a reduced credibility concerning monetary policy and price level stability. In conclusion there exists a trade-off between the credib ility of monetary discipline and therefore price level stability, and the monetary flexibility and employment and therefore the credibility of keeping up the currency board-system in the long run.
Year of publication: |
2002
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Authors: | Janssen, Ole ; Rohde, Armin |
Institutions: | Wirtschaftswissenschaften, Ernst-Moritz-Arndt-Universität Greifswald |
Saved in:
freely available
Extent: | application/pdf |
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Series: | Wirtschaftswissenschaftliche Diskussionspapiere. - ISSN 1437-6989. |
Type of publication: | Book / Working Paper |
Language: | German |
Notes: | Number 02/2002 |
Source: |
Persistent link: https://www.econbiz.de/10009283664
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