By Dr. Victor A. Canto B.Sc., M.I.T., M.A., Ph.D., Dr. Gerald Nickelsburg B.A., M.A., Ph.D. (auth.)

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The floating rates regimes of Kareken and Wallace are R(FE,LF) and R(FE,PA). Here it is assumed that R(FE,LF) is not an acceptable alternative, and the only welfare comparison thus far is the above result on R(FE,PA). , 1r(t) close to zero). Such a regime will be studied in the next section. 3 Loosely and Tightly Managed Float Regimes. In this section the question of the appropriate degree of exchange market intervention is taken up. To be sure, intervention may be of many forms, and consequently only a subset of intervention policies are considered here.

Note that if E qk(t,E")1 =1= =1= E"', X =1= ).. and therefore Iqk(t,E) o. • 2. PRICE UNCERTAINTY AND FLEXIBLE EXCHANGE RATES In Section 1 we presented a paradox. Namely, in a gen- eral equilibrium setting that the foreign exchange rate between two competing fiat money assets was indeterminate. This result stemmed from the monies being tied to no particular consumption values and therefore the model was underdetermined. In this 27 A General Equilibrium Model section we provide an example of a uniquely determined foreign exchange rate equilibrium.

The time argument of Zk is everywhere t + Ij the time argument of >. is everywhere tj and where there is no ambiguity arguments are suppressed. ) + N2L~(>')). dlk/d>' = (fk1k(Cf)-1)L~(>') + /Jc1k(C;)-1 (dak/d>. ) , dPk(t + l)Xk{t)/d>. L(Z) II) , (al Then Lk(A)' is bounded by K if Lk(A)' is, k = 1,2. To complete the construction of a fixed-point mapping define: if 4>k ~ Yk - {3 V k, V A otherwise. - { 4> 4>= Yk (3 = a small positive number It is clear that continuity and boundedness of derivatives is pre- served with J.