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Currency depreciation and the monetary adjustment process: reconsidering Lord King’s contributions

Research output: Contribution to journalArticle

Original languageEnglish
Article numbergpx044
JournalOxford Economic Papers
Early online date23 Sep 2017
StateE-pub ahead of print - 23 Sep 2017
This paper investigates Lord King’s contributions in light of the renewed debate on international monetary policy coordination. We argue that King’s work contains refined bullionist insights concerning currency depreciation, exchange rate determination, and balance of payments adjustment. We show how King’s analysis of the monetary process under different currency regimes can help elucidate the effects of unconventional monetary policy on a global scale, concerning monetary spillovers, currency wars, business cycles, and the distribution of wealth.

    Research areas

  • monetary policy, history of economic thought, monetary systems

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