; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "On the Indeterminacy of Equilibrium Exchange Rates"; ; "batchuser@example.com"; "Wallace, Neil", "Kareken, John H."; "Federal Reserve Bank of Minneapolis"; "International economic policy", "Laissez-faire regime", "Overlapping generations", "Foreign exchange rate"; "F31 - Foreign Exchange", "D53 - General Equilibrium and Disequilibrium: Financial Markets"; "In this paper we consider a particular international economic policy regime: the laissez-faire regime, the distinguishing features of which are unrestricted portfolio choice and floating exchange rates. And as we show, that regime, although favored by many economists, is not economically feasible. It does not have a determinate equilibrium. That is an implication of an over-lapping-generations model. But as we argue in the paper, that is no reason for doubting the indeterminacy of the laissez-faire regime equilibrium."^^; "International monetary reform : the feasible alternatives / John Kareken, Neil Wallace.", "Why markets in foreign exchange are different from other markets / Neil Wallace.", "Samuelson's consumption-loan model with country-specific fiat monies / John Kareken, Neil Wallace."; "1980-04"; "2018-03-13T20:33:49.702821075+00:00"^^; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-07-09T15:30:00.470857153+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "823", "389"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "153"; "Overlapping generations", "International economic policy", "Laissez-faire regime", "Foreign exchange rate"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .