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dc.contributor.authorPope, Robinen
dc.contributor.authorSelten, Reinharden
dc.contributor.authorKaiser, Johannesen
dc.contributor.authorKube, Sebastianen
dc.contributor.authorvon Hagen, Jürgenen
dc.date.accessioned2008-01-23-
dc.date.accessioned2009-08-06T12:40:52Z-
dc.date.available2009-08-06T12:40:52Z-
dc.date.issued2007-
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 a domestic inflation goal under a clean float. Field evidence of the damage wrought from this perspective is reinforced by that from a laboratory experiment. The laboratory experiment avoids measurement errors to which econometric estimation is subject concerning omitted or inadequately proxied determinants, non-normally distributed errors, inadequate degrees of freedom, false assumptions of temporal independence and false synchronicity in decision response lags to stimuli. Our laboratory experiment also embeds a new theory of exchange rate determination involving the uncontroversial power of fully cooperating central banks to totally fix the exchange rate. The new model is within a broader theory that includes risk effects normally excluded, SKAT, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers in our experimental results, and indicate some new directions and foci for econometric work. Our laboratory results point to the superiority of dollarisation, currency unions, a single world money over even dirty floats that include the exchange rate as an objective in its own right.en
dc.language.isoengen
dc.publisher|aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonnen
dc.relation.ispartofseries|aBonn Econ Discussion Papers |x19/2007en
dc.subject.jelD80en
dc.subject.jelF31en
dc.subject.ddc330en
dc.subject.keywordoutliers analysisen
dc.subject.keywordclean floaten
dc.subject.keyworddirty floaten
dc.subject.keywordIMFen
dc.subject.keywordexchange rate regimeen
dc.subject.keywordexchange rate volatilityen
dc.subject.keywordexperimenten
dc.subject.keywordSKAT the Stages of Knowledge Ahead Theoryen
dc.subject.keywordmonetary policyen
dc.subject.keywordtransparent policyen
dc.subject.keywordexchange rate shocksen
dc.subject.keywordcentral bank cooperationen
dc.subject.keywordcentral bank conflicten
dc.subject.keywordbeggar thy neighboren
dc.subject.stwFlexibler Wechselkursen
dc.subject.stwWechselkurssystemen
dc.subject.stwInflationsbekämpfungen
dc.subject.stwOffene Volkswirtschaften
dc.subject.stwWechselkurstheorieen
dc.subject.stwTesten
dc.subject.stwInternationale Währungspolitiken
dc.subject.stwTheorieen
dc.titleThe damage from clean floats: From an anti-inflationary monetary policy-
dc.type|aWorking Paperen
dc.identifier.ppn557267900en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bonedp:192007-

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