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

Joseph T. Salerno, Carmen Dorobat

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    Abstract

    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.
    Original languageEnglish
    Article numbergpx044
    Pages (from-to)699-718
    JournalOxford Economic Papers
    Volume70
    Issue number3
    DOIs
    Publication statusPublished - 23 Sep 2017

    Keywords

    • monetary policy
    • history of economic thought
    • monetary systems

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