wp19_2006 - Economic & Social DESA Working Paper No. 19...

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Economic Social Affairs DESA Working Paper No. 19 ST/ESA/2006/DWP/19 February 2006 Real Exchange Rate, Monetary Policy and Employment Roberto Frenkel and Lance Taylor Abstract The exchange rate affects the economy through many channels and, consequently, has diverse macroeconomic and development impacts. Five are analysed in this paper: resource allocation, economic development, ± nance, external balance and in² ation. The use of the exchange rate as a developmental tool in conjunction with its other uses (often in coordination with monetary policy) is at the focus of the discussion. JEL Classi± cation: F3 (International Finance); F4 (Macroeconomic Aspects of International Trade and Finance); O2 (Development Planning and Policy). Keywords: exchange rate, development policy. Roberto Frenkel is Principal Research Associate at the Centro de Estudios de Estado y Sociedad (CEDES) in Buenos Aires and Professor at the Universidad de Buenos Aires. He specializes in macroeconomics, ± nance and development, and has published numerous articles and books. He has worked as a consultant for international organizations as well as for the Governments of Argentina and other Latin American countries. Lance Taylor is Arnhold Professor and Director of the Center for Economic Policy Analysis, New School for Social Research. He has written widely in macroeconomics and development economics, and has been a visiting scholar and policy advisor in numerous countries. His latest book is Reconstructing Macroeconomics , Harvard University Press, 2004.
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UN/DESA Working Papers are preliminary documents circulated in a limited number of copies and posted on the DESA website at http://www.un.org/esa/desa/papers to stimulate discussion and critical comment. The views and opinions expressed herein are those of the author and do not necessarily reF ect those of the United Nations Secretariat. The designations and terminology employed may not conform to United Nations practice and do not imply the expression of any opinion whatsoever on the part of the Organization. Copy editor: June Chesney Typesetter: Valerian Monteiro United Nations Department of Economic and Social Affairs 2 United Nations Plaza, Room DC2-1428 New York, N.Y. 10017, USA Tel: (1-212) 963-4761 ±ax: (1-212) 963-4444 e-mail: esa@un.org http://www.un.org/esa/desa/papers Contents Real Exchange Rate, Monetary Policy and Employment . ....................................................... 1 Resource allocation, labour intensity, macroeconomics and development . ...................... 2 Resource allocation . ............................................................................................. 2 Labour intensity . .................................................................................................. 3 Macroeconomics . ................................................................................................. 4 Macroeconomic policy regimes for a stable, competitive RER . ....................................... 5
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wp19_2006 - Economic & Social DESA Working Paper No. 19...

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