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| Author: | Fisher, E. |
| Title: | On exchange rates and efficiency |
| Journal: | Economic Theory
1996 : VOL. 7:2, p. 267-282 |
| Index terms: | EXCHANGE RATES EFFICIENCY ECONOMICS |
| Language: | eng |
| Abstract: | This paper analyzes an exchange rate economy in which several assets serve as stores of value and where agents have completely heterogeneous preferences and endowments. It describes the set of perfect foresight equilibria in which all assets have positive prices. There are international policies with determinate exchange rates if the world economy satisfies a strong efficiency criterion. Also, the corresponding equilibrium allocations are in the core of the world economy for certain international policies. |
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