Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate
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NBER Working Paper No. 12699*
Issued in November 2006
NBER Program(s): IFM
ITI
Even when the exchange-rate plays no expenditure-switching role, countries may wish to have flexible exchange rates in order to free the domestic interest rate as a stabilization tool. In a setting with nontraded goods, exchange-rate movements may also enhance international risk sharing.
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