...........As the Nobel prize-winning economist Robert Mundell pointed out a long time ago, a government, through its central banks policies, could either control the quantity or the price of its currency but not both. A central bank which fixes the price of its currency in terms of one or a basket of foreign currencies, in other words, operates a fixed exchange rate system, loses control over the quantity of money that circulates in the economy and, therefore, loses control of the inflation rate..........
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