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dc.contributor.authorPope, Robinen_US
dc.contributor.authorSelten, Reinharden_US
dc.contributor.authorKaiser, Johannesen_US
dc.contributor.authorKube, Sebastianen_US
dc.contributor.authorvon Hagen, Jürgenen_US
dc.date.accessioned2008-01-23en_US
dc.date.accessioned2009-08-06T12:40:52Z-
dc.date.available2009-08-06T12:40:52Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/27160-
dc.description.abstractThe paper traces the dangers in the closed economy perspective of a monetary policy focused on adomestic inflation goal under a clean float. Field evidence of the damage wrought from this perspective isreinforced by that from a laboratory experiment. The laboratory experiment avoids measurement errors towhich econometric estimation is subject concerning omitted or inadequately proxied determinants, nonnormallydistributed errors, inadequate degrees of freedom, false assumptions of temporal independenceand false synchronicity in decision response lags to stimuli. Our laboratory experiment also embeds a newtheory of exchange rate determination involving the uncontroversial power of fully cooperating centralbanks to totally fix the exchange rate. The new model is within a broader theory that includes risk effectsnormally excluded, SKAT, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers inour experimental results, and indicate some new directions and foci for econometric work. Our laboratoryresults point to the superiority of dollarisation, currency unions, a single world money over even dirtyfloats that include the exchange rate as an objective in its own right.en_US
dc.language.isoengen_US
dc.publisherGraduate School of Economics Bonnen_US
dc.relation.ispartofseriesBonn econ discussion papers 2007,19en_US
dc.subject.jelD80en_US
dc.subject.jelF31en_US
dc.subject.ddc330en_US
dc.subject.keywordoutliers analysisen_US
dc.subject.keywordclean floaten_US
dc.subject.keyworddirty floaten_US
dc.subject.keywordIMFen_US
dc.subject.keywordexchange rate regimeen_US
dc.subject.keywordexchange rate volatilityen_US
dc.subject.keywordexperimenten_US
dc.subject.keywordSKAT the Stages of Knowledge Ahead Theoryen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordtransparent policyen_US
dc.subject.keywordexchange rate shocksen_US
dc.subject.keywordcentral bank cooperationen_US
dc.subject.keywordcentral bank conflicten_US
dc.subject.keywordbeggar thy neighboren_US
dc.subject.stwFlexibler Wechselkursen_US
dc.subject.stwWechselkurssystemen_US
dc.subject.stwInflationsbekämpfungen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwWechselkurstheorieen_US
dc.subject.stwTesten_US
dc.subject.stwInternationale Währungspolitiken_US
dc.subject.stwTheorieen_US
dc.titleThe damage from clean floats : from an anti-inflationary monetary policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn557267900en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn

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