NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Two Notes on Indeterminacy Problems

Robert P. Flood, Peter M. Garber, Louis O. Scott

NBER Working Paper No. 841
Issued in 1982
NBER Program(s):   ITI   IFM

In this paper we show, in an example, that the arbitrary behavior which results in an indeterminacy in the time path of a flexible exchange rate and is associated with "badly behaved" speculation has a manifestation under a regime of fixed rates in an indeterminacy in the time path of government holding of international reserves. Thus, to the extent that arbitrariness is characteristic of agents' behavior it is not resolve6 but only masked by the fixing of exchange rates.

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Document Object Identifier (DOI): 10.3386/w0841

Published: Flood, Robert P., Peter M. Garber, and Louis O. Scott. "Collapsing Exchange Rate Regimes: Some Linear Examples." Journal of International Economics, Volume 17, Issues 1-2, August 1984, Pages 1-13

 
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