...Anthony M. Endres The case made for market-determined, flexible exchange rates by Princeton economist Frank D. Graham between the 1920s and the late 1940s is examined. It is argued that Graham's case embodied all essential elements of a monetary approach to exchange rates and the balance...

... and Finance , vols. 1 and 2 . Washington, D.C.: Commission of Gold and Silver Inquiry, Government Printing Office. Youngson , A. J. 1960 . The British Economy, 1920–1957. London: Allen & Unwin. Productivity Patterns, Exchange Rates, and the Gold Standard Restoration Debate...

...Sebastian Edwards Abstract This article investigates how Milton Friedman's views on exchange rates in emerging nations evolved through time. Early on he supported flexible exchange rates for most less developed countries. He endorsed several forms of flexibility, including auctions...

..., the Chicagoans advocated the use of the federal government’s fiscal operations to conduct monetary policy—entailing an expansion of the size of the Fed’s balance sheet—to combat the Great Depression, the abandonment of the gold standard in favor of exchange-rate flexibility, one-hundred- percent reserve...

...Filippo Cesarano John Maynard Keynes put forward a number of proposals to reshape the international monetary system. Although variegated, they do have one characteristic in common—the rejection of freely flexible exchange rates—which, in a sense, is like a prism refracting the different shades...

..., and Non-Traded Goods. American Economic Review 63 : 871 -80. ____. 1974 . Real and Monetary Aspects of the Effects of Exchange Rate Changes. In National Monetary Policies and the International Financial System , edited by R. Aliber. Chicago:University of Chicago Press. ____. 1975a . Alternative...

.... Bronfenbrenner, M., and F. D. Holzman. 1963 . Survey of Inflation Theory. American Economic Review 53.4 : 593 -661. Bruno, M., and Z. Sussman. 1978 . Flexibility of the Exchange-Rate System, Inflation, and Structural Changes (Hebrew). Economic Quarterly 99 : 270 -94. Darity, W., and W. Young...

.... Economic Journal 108 : 1009 -25. Friedman, Milton. [1947] 1953 . Lerner on the Economics of Control. In Essays in Positive Economics . Chicago: University of Chicago Press. ____. 1953 . The Case for Flexible Exchange Rates. In Essays in Positive Economics , by Milton Friedman. Chicago...

... and exchange rate, between microeconomic behavior and its macroeco- nomic effects. These shortcomings will be pointed out, not to underline the deficiencies of economists working four centuries ago but rather to shed light on the difficulties European economic...

... of exchange-rate disequilibria and to test the theory empirically. Finally, no one before Cassel distinguished so carefully between the absolute and the relative versions of the theory, although he did not provide the two versions with names.* It is the relationship between them in Cassel’s...

... . “A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence.” Scandinavian Journal of Economics 78 : 200 -224. Haberler , G. 1936 . The Theory of International Trade . London. Myhrman , J. 1976 . “Experiences of Flexible Exchange Rates in Earlier Periods...

... Monetary Stabilization . New York. Frenkel , Jacob A. 1976 . “A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence.” Scandinavian Journal of Economics 78 ( 1976 ): 200 -224. Reprinted in Frenkel, Jacob A., and Harry G. Johnson, eds., The Economics of Exchange...

... or at a variable rate of exchange between the two currencies (Meade 1953). He refers to A. W. ( Bill ) Phillips, our machine to the hydrau- lic machine Phillips invented and built, together with Walter Newlyn, to model a national economy. Widely known as the Phillips Machine, it is more appropriately known...

...–1740 . London. Kalamotousakis , George J. 1978 . “Exchange Rates and Prices: The Historical Evidence.” Journal of International Economics 8 ( May ): 163 -67. Malynes , Gerrard D. 1924 . A Treatise of the Canker of England's Commonwealth (1601). Excerpts reprinted in Tudor...

... . “ Exchange Rate Policy, Wage Formation, and Credibility .” European Economic Review 32 : 1621 – 36 . Jacobsson Per . 1921 . “Målet för vår valutapolitik” [“The Goal for Our Currency Policy”] . Svensk Handelstidning , February 19 . Jonung Lars . 1979 . “ Cassel, Davidson...

... that the im- perfect substitutability assumption implies that exchange rates be- tween gold and silver are bound to float freely, and hence Gresham’s law would cease to be operative. The self-contradiction of the monometallists’ argument was due to their failure to distinguish...

..., despite the rich theories con- tained within this essay, “Turkish Avanias” is virtually unknown among historians of economics today. It is probably true that many historians of economics have at least glanced at Sir Dudley’s earliest essay on monies, bullion, exchange rates, prices...

..., fiduciary issues, rates of inflation, and exchange rates. The book acquires substantially more order in the second half, or the last half-dozen chapters, where the drama of international monetary events-the movement from dollar shortage to dollar glut in Europe, the menaces to fixed...

... J. 1971 . The New Economics and the Old Economists . Ames : Iowa State University Press . Dellas , Harris , P. A. V. B. Swamy , and George S. Tavlas . 2002 . “ The Collapse of Exchange Rate Pegs, ” Annals of the American Academy of Political and Social Science 579...

... by Friedman. In particular, Mints argued that: (1) exchange rate volatility is not a function of the specific exchange rate regime in place, but of the volatility of the underlying macroeco- nomic fundamentals; (2) the frictional rate of unemployment represents the lower sustained bound of unemployment...