Monetary and exchange rate policies of national monetary
authorities, together with certain of their consequences, provide
the common theme for the studies in this volume. Four of the
contributions are mainly concerned with exchange rate
policy-decisions to alter fixed parities, intervention by central
banks in foreign exchange markets, and the determinants of exchange
rates including intervention and the degree of capital mobility.
Two studies are oriented to aspects of domestic monetary policy,
one examining policy reactions of French monetary authorities, the
other concerning the choice of monetary aggregate target as a
politically motivated strategy to assign responsibility for
macroeconomic outcomes and thus influence the behaviour of decision
makers in the macroeconomic policy making process. One contribution
investigates the factors that influence the choice of currency in
foreign trade, an important factor in determining the importance
for exchange market stability of capital movements, and perhaps
official intervention. The studies present significant theoretical
and empirical results as well as the institutional material.
General
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