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Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Bonn Econ Discussion Papers No. 28/2006
Verlag: 
University of Bonn, Bonn Graduate School of Economics (BGSE), Bonn
Zusammenfassung: 
Conclusions favorable to flexible exchange rates typically accord with expected utility theory in ignoring the costs that exchange rate uncertainty generates for governments, central banks, firms and unions in: (i) choosing among acts; and (ii) existing until learning the outcome of the chosen act. Allowing for these involves SKAT, the Stages of Knowledge Ahead Theory, Pope (1983, 1995, 2005), Pope, Leitner and Leopold (2006). A laboratory experiment suggests that (i) and (ii) together outweigh the advantages of having a flexible exchange rate as an additional instrument for managing a country?s international competitiveness goal.
Schlagwörter: 
exchange rate regime
exchange rate uncertainties
currency union
macro-economic instruments
experiment
SKAT
JEL: 
F33
D80
D81
F31
Dokumentart: 
Working Paper

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