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FOREIGN EXCHANGE RATES IN THEORY AND POLICY Fixed vs. Flexible Exchanges} Foreign Exchange Markets Supply and Demand of Foreign Exchange Theories of Exchange Rate Stability Experiences of Particular Countries with a. Fluctuating exchange rates b. Fixed exchange rates Currency Depreciation (Devaluation) - Theoretical analyses THEORY OF FOREIGN EXCHANGES: DE7ELOPUENTS Currency depreciation and fluctuating exchange r a t e s supply and demand for foreign exchange theory of exchange-rate s t a b i l i t y fixed v s . fluctuating exchange r a t e s price and income effects of balance^of-payments ALEXANDER, S. S. Effects of a devluation on a trade balance, IMF— STAFF PAPERS, Vol. I I , No. 2, April, 1952, pp. 265278. ALEXANDER, S. S. Devaluation versus import restriction as an instrument for improving foreign trade balance, IMF—STAFF PAPERS, Vol. I, Ho. 3, April, 1951, pp. 379-396. ALLELT, J. S. Some aspects o£ currency depreciation, CANADIAN JOURNAL OF ECONOMICS AND POLITICAL SCIHTCB, August, 1939. ALLM, Villiam R. Stable and unstable equilibria in the foreign exchanges, KIKLOS, Vol. VII, Fasc. 4, 1954, pp. 395-410. ALLEN, William R. .Stable and unstable equilibria in the foreign exchanges, KXKLOS, TEI, Fasc* ky 1954* AMBACH, Mado R. Multiple Exchange Rates: An Instrument for Improving Foreign Trade Balance* vith Special Reference to the Latin American Countries. Ph.D. thesia - lale University, 1952. iWti_c J.W »/«7 efartf f> cli c^ AHGELL, James V. International trade under inconvertible paper, QUARTERLY. JOURNAL OF ECONOMICS, XXXVI, May, 1922, pp. 359-412. Author File AHULL, J. W. International trade under inconvertible paper, QUARTERLY JOURNAL OP ECONOMICS, Vol. XXXVI, „ May, 1922. PP. 359-U12. pp. s BACHI, Riccardo I cambi esteri in regime di carta moneta. (foreign exchanges under paper currency conditions). Milan: Giuffre, 1%4* BALIAINE, Wesley C. The Problem of Stable Exchange Rates • Eugene, Oregon: Bureau of Business Research, School of Business Adiainistration, University of Oregon, 19h$. BALLAINE, Wesley C. The Problem of Stable Exchange Rates. Eugene, Ore.: Bureau of Bus. Research, School of Business Administration, University of Oregon, 1945• QJE Feb. 1946 BALLAINE, Wesley C. The Effect of Fluctuating Foreign Exchange Values upon Economic Activity in the Pacific Northwest* 2nd prize* First National Bank of Portland, 1935. BALOGH, T. Exchange depreciation and economic readjustment, REVIEW OF ECONOMICS & STATISTICS, Vol. 30, No. A, Nov. 1948, pp. 276-285. BALOGH, Thomas Exchange depreciation and economic readjustment, RES, XXX, Hov. 1948 BA.STER, A . S. J. A note on Australian exchange, ECONCMIC JOURNAL, XL, 1930, pp. !i66-U71. bJiiaJSTalN, t. M. "Some economic aspects 01 multiple exchange rates," IMF STA**' F A P E R S , Vol. 1, No. <.> September 1950, pp. 224, 37. BERNSTEIN, Edward M. Some economic aspects of multiple exchange rates, IMF STAFF PAPERS, Vol, I, no, h, September, 1950. PP» 22U-37. 14 pp. BERNSTEIN, Edvard M. Exchange r a t e s under the gold standard, JOURNAL OF POLITICAL ECONOMY, June, 1940. BERHSTEIN, E* H. "Exchange rates under the gold standard,11 JOTOHAL OF POLITICAL ECONOMY, ^une 19^0• BICKERDIKE, C- F. "Internal and external purchasing power of paper currency,11 ECONOMIC JOURNAL, March, 1922* Pp. 11• If a change in the volume of money is the only influence operating, the internal and external purchasing power of inconvertible paper money should be equal and should reflect the change in the volume of money. However, there are other influences operating • The external purchasing power may be affected by a change in the demand for foreign goods; by a change in the conditions of supply of goods available for export; or by the necessity for payment of foreign debts* The external purchasing power of continental currencies is low as compared with their internal purchasing power, because of impoverishment resulting from the war. In the case of marks it is due in part to bear speculators • if further issues of paper were stopped and the central bank acquired holdings of sterling or dollar securities or commercial paper which could be put on the market when exchange is unduly depressed, seme approac* Digitized to sfort FRASER abili^^ http://fraser.stlouisfed.org/ P.552^ Federal Reserve Bank of St. Louis Author File BICKERDIKE, C. F. The Instability of Foreign Exchange, ECONOMIC JOURNAL, XXX, March, 1920. pp. 118-22. Bickerdike, C. F. The instability of foreign exchange, ECONOMIC JOUBNAL, Vol. XXX, no. 117, March, 1920, pp. 118-122. BLOOMFIELD, Arthur I . Author File "Foreign Exchange Rate Theory and Policy, n i n THE NEW ECONOMICS (ed. by S. E. Harris). New Toric, Knopf, 1947, pp. 293-3H- BLOOMPIELD, Arthur I. "Foreign exchange rate theory and policy," in THE NEW BOONOMIOS (ed. by S. E. Harris), New York: Alfred A. Knopf, 19^7, pp. 295~5l4. Currency depreciation and fluctuating exchange rates 3REMS, Hans Foreign exchange r a t e s and m o n o p o l i s t i c competition, ECONOMIC JOURNAL, LXVIII, 1955. SPRAOS, Johnj Imperfect c o m p e t i t i o n and t h e e l a s t i c i t y of demand for i m p o r t s : a n o t e , l o c . c i t . , LXVI, March, 1956, p p . 171-2 BKESCIANI-TTOEONI, C. "The Purchasing Pover P a r i t y D o c t r i n e , " L'EGYPTE CONTEMPOBAINE, Vol. XXV, 1934. also in his book on ECONOMICS OF INFLATION, pp. 107 ff. BRESCIANI-TURBQNI, C : The purchasing power parity doctrine, L'Egypte Contemporaine, XXV, 1934-, pp. 433-64-. Author File BRISMAN, Sven "Some Reflections on the Theory of Foreign Exchange," in ECONOMIC ESSAYS IN HONOUR OF GUSTAV CASSEL. London: Gaorge Allen & Unwin, Ltd. 1933, pp. 69-74. BRISMAN, Sven Some reflections on the theory of foreign exchange, in ECONOMIC ESSAYS IN HONOUR OF GUSTAV CASSEL. London: George Alien and Umrin, Ltd., 1933, PP. **pp. 6o-7lu BROWN, A. J. Author File Trade balances and exchange stability, OXFORD ECONOMIC PAPERS, VI, April, 19h2, pp. 57-75 April, 1942. Pp. 19. Reprinted as Chap. 2 in OXFORD STUDIESp THE PRICE MECHANISM, ed. by T. Wilson and P.W.S. Andrews. Oxford: Clarendon Press, 1951. BROW, k. J. •Trade Balances and Exchange Stability* Oxford Economic Papers, No, 6j pp. 75-90 •The Fundamental E l a s t i c i t i e s in International Trade,* [nev paper] pp. 91-106 Both reprinted as Chap. 2 in Oxford Studies in the Price Mechanism [ed. by T. Wilson and P.V.S. Andrews Oxford, Clarendon Press, 1951* BRCfN, E. H. Phelps A COURSE IN APPLIED ECONOMICS. London* 19*1. See chap. 12: "Devaluation as a Remedy for a Passive Balance of Payments." BUCHANAN, N. S. and LUTZ, F. A. Foreign exchange rates and the balance of payments, in REBUILDING THE WORLD ECONOMY, by N.S. Buchanan and F. A. Lutz. BUCKLEY, H. Sir Thonas Gresham and the foreign exchanges, ECONOMIC JOURNAL, XXXIV, 192k, pp. 589-601. O r i e n t a l $t«.l9U4**JU+ s J. W / f ^ t f C K ^ W^^/dfi^io^ BUNTING, F. H. The purchasing power parity theory reexamined, SOUTHERN ECONOMIC JOURNAL, January, 1939. Pp. 20. *8w<- Mia^tc^ *t —» /tat Am ch*ny & •pfioia* ***** CANNAN, Edwin Professor Cassel on money and foreign exchange, ECONOMIC JOURNAL, XXXII, 1922, pp. 506-513. CASSEL, Gustav International payments under a system of paper currencies, Skan. Kredit Quarterly Report, October, 1934 • Pp. 3- CASSEL, Gastav Bates of exchange and purchasing power parity, Skandinaviska Kreditaktiebolaget, QUARTERLY REVIEW, No# 2, April, 1925, pp. 17-21. CRUMP, Norman: The New York exchange: a reply to Professor Cassel, JOURNAL OF THE ROYAL STATISTICAL SOCIETY, v. 58, May, 1?25, pp # 1&8-32• CASSEL, Gustav "Some Leading Propositions for an International Discussion of the Vorld«s Monetary Problem," THE ANIALS OF THE AMERICAN ACADBCT OF POLITICAL AND SOCIAL SCIENCE, Vol. LXXXIX, May, 1920. °uf>cUast*ia /iuJer ^Wstir Mcu>cb Dec. 191U /<?/<? • Sept- riux/i} t9t& Cassel-Van Dorp controversy ECONOMIC JOURNAL, no. 112: Cassel no. 116: Van Dorp no. 117 Cassel Van Dorp, E. C.: "Abnormal deviations in international exchanges," ECONOMIC JOUBNAL, XXX, no. 119, Sept., 1920, pp. 411-14. COMMITTEE ON IRISH CURRENCY 190-4. doctrine of purchasing power parityf i r s t enunciated see also John lihe^tley in h i s books of 1303 tnd 1807 CONDLIFFE, John B* Exchange Rates and Prices, INDEX, Vol* I, No* 9, January, 1935, pp. 2-17* CONDLIFBE, J# B # Exchange rates and prices, INDEX, Vol, X, No* 9, January, 1935, pp# 2-17 • V Purchasing power p a r i t y . Ciromp, Norman* The lew York exchange: a reply to Professor Gassel. (In Hie Journal of the Boyal s t a t i s t i c a l society. v.58 f May f 1925. p.428-32• ) See Skandinaviska k r e d i t a k t i e b o l a g e t . Quajv t e r l y review, no«2 f Apr. f 1925. p . 1 7 - 2 1 , for a r t i c l e e n t i t l e d : "Rates of exchange and purchasing* power p a r i t y f* by Gustav Oassel. Crump, Norman (au) CROVTHER, Geoffrey Ango-AMeriean p i t f a l l s , FOREIGN AFFAIRS, XX, 19a. d i f f i c u l t y of adjustment through exchange depreciation DAT, A. C. L. Relative prices, expenditure and the trade balance: a note, ECONOMICA, new series, Vol. XXI, 1954, PP. 64-69. Exchange stability DEHEM, R. Exchange rate policyt experience and theory reconsidered, BCONOMIA INTEKNAZIONALE, y^ Ho. 3, August, 1952, pp. 559-80. DEHEM, R. Exchange rate policy: experience and theory reconsidered, ECONOMIC INTERNA.ZIONALE, Vol. V, no. 3 , August, 1952, pp. 559-80. DEHEM, R. Enploi et revenue en economic ouverte: theorle et applications a Involution beige et britannique de 1919 a 1939, BULLETIN DE L' INSTITUT DE EECHKRCHES ECONCMIQUES (Louvain) XII, 19li6, pp. la-135. D'IPPOLITO, B . On the congruence o f c r o s s r a t e s , EANCA MZIOMLE DEL LAVORO, QUARTERLY REVIEW, Jan .-March, 19? 0, p p . 3 1 - k l . EASTMAN, Harry C. and STXKOLT, Stefan Exchange stabilization in Canada, 1950-54, THE CANADIAN JOURNAL OF ECONOMICS & POLITICAL SCIENCE, Vol. 22, No. 2, May, 1956, pp. 221-233. EASTMAN, Harry C. (Univ. of Toronto) French and Canadian Exchange Rate Policy, JOURNAL OF ECONOMIC HISTORY, XV, No. 4 , D e c , 1955, pp. 403-410. Discussion* by Ross M. Robertson and E. C. Simmons, i b i d . , pp. 411-4U. EASTMAN, Harry French and Canadian Exchange Rate Policies in session on "Comparative Monetary Policies, * annual meeting of the Economic History Assn., September 10, 1955. EDELBERG, V. G. and KRISHNASBA11I, A* Measuring the power of undervalued currency to stimulate exports, P a r t I I . REVIEW OF ECONOMIC STUDIES, V, June, 1938. p p . 1-17 Pp. 2 3 . MAXENB&.UM, W.: The power of undervalued currency t o stimulate exports, I I , i b i d . , V, 1938, pp. li*3~5l. A reply, ibid., 152-57 Measuring the power of undervalued currency to stinmlate exports, II, ibid., V, 1938, pp. 195•J-^Ail, W.2 The power of undervalued currency--farther considerations, ibid., pp# 218-233* EDELBERG, V. and KRISHNASWAMI, A. Measuring the power of under-valued currency to stimulate exports, REVIEW OF ECONOMIC STUDIES, October, 1937. Pp. 16. ELLIS, Howard S* The equilibrium rate of exchange in EXPLORATIONS IN ECONOMICS. Hew Toric: McGraw-Hill Book Co., I n c . , 1937 ELLIS, Hovard S. "The equilibrium rate of exchange,1* i n EXPLORATIONS IN ECONOMICS. New York: McGrawH i l l , 1937. ELLIS, Howard S. "The equilibrium rate of exchange," EXPLORATIONS IN ECONOMICS. New York and Londonj McGraw-Hill, 1956, pp. 2 6 - 5 4 . ELLSWORTH, Paul T. Some aspects of exchange rates. Exchange rates and exchange stability, THE REVIEW OF ECONOMICS AND STATISTICS, Vol. XXXII, No. 1, February, 1950, pp. 1-16. FANNO, Marco Inflazione .monetarie e corso dei cairibi, GIORNALE DEGLI ECONOMISTI, LXIII, 1922, pp. 3ia-363s U8l-511j 562-583, 609-620j and LXIII, 1923, PP. 2U5-272. FEDERICI, L. Das problem des internationalen monetlren Gleichgewichts und die "Riegel" von Cassel, KIKLOS, Vol. I , No. 3, 1947pp. 12* FEDERICI, L. La teoria dei cambi (The theory of foreign exchange)* Milan: C.E.A., 1945* Pp. 186. FETTER, Frank ¥• "Some Neglected Aspects of Gresham's Law," QUARTERLY JOURNAL OF ECONOMICS, V o l . 4 6 , fo% 3 C«tfekJ^ CtUfXi**:,^^ FETTER, F. ¥• Greshamfs lav and the Chilean peso, JOURNAL OF POLITICAL ECONOMY, December, 1933 • Some neglected aspects of Greshamfs lav, QUARTERLY JOURNAL OF ECONOMICS, May, 1932 • FIELD, H. A note on exchange stability, BIVIEV OF ECONOMIC STUDIES, Vol. XV, no* 37, 19*7-48 • pp. 4« FEILER, A . The pressure for monetary depreciation, SOCIAL RESEARCH, I, 193li* PP. 61-82. FOX, Bertrand "Gold prices and exchange r a t e s , " REVIEW OF ECONOMIC STATISTICS Aug., 1935. 7 pp. FRIEEMAN, Milton "The Case for Flexible Exchange Rates," in ESSAIS IN POSITIVE ECONOMICS. Chicago, University Press, 1953, pp. 157-203. G/*ti.i./»g£> j EmiU Evolution N»<U*rie3 d€pu^ IQZC*. I9W . 3/L «arfs\ P f c s s e s pp . nwalul\cc*& d^cxjsst^m oe^es CCUZJJD ^ theories W ^ o v^ • fy GARENER, Walter R. and S. C. Tsiang "8mpetitive depreciation," IMF STAFF PAPERS, Nov. 1952, pp. 399-408. GARDNER, V. R. and S. C. Tsiang Competitive Depreciation, IMF STAFF PAPERS, II, No. 3, Nov. 1952, pp. 399--406. GARNSEY, Morris E. The determination of post-war exchange rate parities, QUARTERLY JOURNAL OF ECONOMICS, Nov., 19U5. DUPRIEZ, L. H.: Postwar exchange-rate parities: comment, loc. cit, LX, Feb., 19li6, pp. 299-308. SALERA, Virgin: Exchange rate parities; comment, ibid., pp. 622-23. GARNSEI, M. E.: Reply, ibid., pp. 62U-63O. GIFFORD, J . L. K. "Der Einflviss der Devaluation auf d«as P r e i s n i v e a u . WELTWIRTSCHAFTLICHES ARCHIV, July 1933. 36 pp. GIGNOUX, C. J. Le probienie mone'taire mondial et l a theorie du professeur Cassel, BEVUE D»&X)NOMIE POLITIQUE, XXXVI, 1922, pp. 600-lli. GILBERT, Donald W. "Foreign trade and exchange s t a b i l i z a t i o n , " AMERICAN ECONOMIC REVIEW, XXVI, June 1936, pp. 272-279. Author File GILBERT, Donald V. "Foreign trade and exchange stabilization, * AMERICAN ECONOMIC REVIEW, XXVI, March 1936, pp. 272-279. GILBERT, J. C. Exchange rate adjustments, TORESHIRE BULLETIN OF ECONOMIC AND SOCIAL RESEARCH, Vol. XI, No. 1, January, 1950, pp. 1-15^ GILBERT, J. C. Exchange rate adjustments, YORKSHIRE BULLETIN OF ECONOMIC & SOCIAL RESEARCH, Vol. 2, no. 1, January, 1950. GILBERT, Jam** H* (Retired) Problem of the Fluctuating Dollar, in 20th CENTURY ECONOMIC THOUGHT. Nev York: Philosophical Library, Publishers, 1949* ecL by Glenn E» Hoover, GOSCHEN, Viscount THE THEOBI OF THE FOREIGN EXCHANGES. London: Iffingham Wilson, 1919. GOSCHEN, Viscovint THE THEORY OF THE FOREIGN EXCHANGES. London: Effingham Wilson, 1919. GRAHAM, Frank D. "Fundamentals of I n t e r n a t i o n a l Monetary P o l i c y , " ESSAys IN -INTERNATIONAL FINANCE No. 2. Princeton: International Finance Section, Princeton University, 1943, PP. Case for flexible exchange r a t e s GRAHAM, Frank D, Fundamentals of international monetary policy• Assays in International Finance no. 2. Princeton: Princeton University, International Finance Section, 1943. Pp. 23. GRAHAM, Frank D. "Fundamentals of International Monetary Policy,« ESSAYS IN INTERNATIONAL FINANCE No* 2* Princeton: Princeton University Press, 1943* lf The Cause and Cure of 'Dollar Shortage," ESSAYS IN INTERNATIONAL FINANCE No* 10. Princeton: Princeton University Press, 1949. GRAHAM, Frank D. "Exchange Rates: Bound or Free?" JOURNAL OF FINANCE, IV, March 1949, 13-27 GRAHAM, Frank D. "Achilles' heels in aonetary standards," AMERICAN ECONOMIC REVIEW, Vol. 30, March 1940, pp. 16-32. case for f l e x i b l e exchange rates GRAHAM, Frank D. "Recent Movements In International Price Levels and the Doctrine of Purchasing Power Parity,* JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, SUPPLEMENT, XXX, March, 193$, PP« 159*166. March, 1935. Pp. 8. GRAHAM, Frank D. "Recent movements in international price levels and the doctrine of purchasing power parity," JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, SUPPLEMENT, March, 1935* 8 pp. Abstract of above in ECONOMETRICA, vol. 3, July, 1935, pp. 3U6-7. GRAHAM, Frank D., and WHITTLESEY, C. R. "Fluctuating exchange rates, foreign trade and the price level," AMERICAN ECONOMIC REVIEW, XXIV, September 193A* GRAHAM, Frank D. and WHITTLESEY, Charles R. "Fluctuating exchange rates, foreign trade and the price level," AMERICAN ECONOMIC REVIEW, XHV, September 1934, PP. 401-416. GRAHAM, Frank D. and WHITTLESEY, C. R. Fluctuating exchange rates, foreign trade and the price level, AMERICAN ECONOMIC REVIEW, XXIV, September, 1934, pp. 401-416. GRAHAM, Frank D. "Self-Limiting and Self-Inflammatory Movements in Exchange Rates," QUARTERLY JOURNAL OF ECONOMICS, Vol. XLIII, February, 1929. pp. 221-2l#. GRAHAM, Frank D. "Self-limiting and self-inflammatory movements in exchange rates," QUARTERLY JOURNAL OF ECONOMICS, XLIII, Feb. 1929. GRAHAM, Frank D. International trade under depreciated paper: the United States, 1862-79, QUARTERLY JOURNAL CF ECONOMICS, XXXVI, Feb., 1922, pp. 220-73- GRAHAM, Frank D. International trade tinder depreciated paper. A contribution to theory, QUARTERLY JOURNAL OF ECONOMICS, Vol. XXXI, No. 3, pp. 380International trade under depreciated paper. The United S t a t e s , 1862-79," QUARTERLY JOURNAL OF ECONOMICS, Vol. XXXVI, February, 1922, p p . 220-273. GUDIH, E . and KINGSTON, J. "The equilibrium rate of the cruzeiro," ECONOMIC DJTERMZIOMLE, 17, Feb., 1951, pp. 6O-89. HABEHLER, Gottfried Currency depreciation and the terms of trade, in WIRTSCHAFTLICHE ENTWICKLUNG DND SOZIALE ORDNUNG, ed. by Lagler and Messner. Vienna: Verlag Herold 1952- HABERLER, Gottfried n Currency depreciation and t h e terms of trade, 1 1 in WIRTSCHAFTLICHE ENTWICKLUNG UND SOZIALE ORDNUNG, ed. by E. Lagler and J . Messner. Vienna: Verlag Herold, 1952. paper on currency depreciation and the terms of trade HABERLER, Gottfried The maricet for foreign exchange and the stability of the balance of payments: A theoretical analysis, KYKLOS, Vol. Ill, No. 3, 1949, pp. 193-218. HABERLER, 0. The choice of exchange rates after the war, AMERICAN ECONOMIC REVIEW, XXXV, June, 19U5, pp. 308-18. HABflEKLER, Q. The market for foreign exchange and the s t a b i l i t y of the balance of payments: a theoretical analysis, KYKLOS, I I I , Faxc. 3 , 19h9, pp. 193-218• HABERLER, Gottfried "The Choice of Exchange Rates after the War," THE AMERICAN ECONOMIC REVIEW, XXXV, No. 3, June, 1945, pp. 308-318. HALL, Noel F. and others "Typical forms of devastation,* WELTWIRTSCHAFTSLICHES ARCHIV, January, 1936• Pp. 318* HARBERGER, A. C. Currency depreciation, income and the balance of trade, JOURNAL OF POLITICAL ECONOMT, LVIII, Feb. 1950, pp. 47-60. H&RBERGER, A# C. Currency d e p r e c i a t i o n , income, and t h e balance of t r a d e , JOURML OF POLITICAL ECONOMY, February, 193>0# HARRIS, S. £. Measures of currency over-valuation and stabilization, in EXPLORATIONS IN ECONOMICS. London afld New York: McGraw-Hill Book Co., 1936, pp. 36-U. HARTOG, J . A. The influence of devaluation on the domestic price- and wage l e v e l s , " ECONOMETRICA, Vol. 18, January, 1950, pp. 72-3 (abstract only). HEILPERIN, Michael A. Fixed parities and fluctuating exchanges as objectives of monetary policy, in A FORUM ON FINANCE, ed. by George B* Roberts. Nev York: Columbia University Press, 1940, pp. 79-93* HEILPERIN, Michael A* Fixed parities and fluctuating exchanges as objectives of monetary policy, in A FORBM ON FINANCE, ed. by George B. Roberts. Nev lork: Columbia University Press, 1940, pp. 79-93. HEXNER, J. T. n The Canadian Exchange Rate," in PUBLIC POLICY, Vol. V, ed. by C. J. Friedrich and J. K. Galbraith. Cambridge: Harvard Graduate School of Public Administration, 19$h. HICKS, John R* Devaltiation and World Trade, THE THREE BANKS REVIEW, December, 1949. HENDERSON, H. D. ** The function of exchange rates, OXFORD ECONOMIC PAPERS, Vol. I , no. 1, Jan., 1949, pp. 1-17. Also "A comment" [in reply to criticism by R. B. Hawtrey], i b i d . , June, 1949, pp. 157-8. Reprinted in THE INTER-WAR YEARS AND OTHER PAPERS, ed. by Sir Henry Clay. Oxford: Clarendon Press, 1955, PP, 357-76. HINSHAV, Randall Currency appreciation as an anti-inflationary device, QUARTERLY JOURNAL OF ECONOMICS, LXV, No. A, November, 1951. HIMSHAV, Randall Currency appreciation as an anti-inflationary device, QJB, LXV, Nov. 1951, pp. 447-462. HINSHATT, Randall Currency appreciation a s an a n t i - i n f l a t i o n a r y d e v i c e , QUARTERLY JOURNAL OF ECONOMICS, LXV, November, 191?1> p p . U t 7 - 6 2 . HARROD, R. F . , Comment, l o c . c i t , LXVI, No. 1 , February, 1952 HIRSCHMAN, A. 0 . : Further Comment, i b i d . HINSHAW, Randall: Final Comment, i b i d . HINSHAW, Randall Currency Appreciation as an anti-inflationary device, QUARTERLY JOURNAL OF ECONOMICS, LXV, November, 1951, PP. U7-462. HIRSCHMAN, A. 0 . Devaluation and the trade balance: a n o t e , REVIEW OF ECONOMICS & STATISTICS, Vol. 3 1 , n o . 1 , Feb. 1949, PP- 5 0 - 5 3 . HIRSCHMAN, Albert 0. Devaluation and the trade balance: a note,11 THE REVIEW OF ECONOMICS AND STATISTICS, XXI, February, 1949, PP. 50-53. HOLLANDER, J . A. and TAUSSIG, F . W. "International Trade under Depreciated Paper: A Criticism," QUARTERLY JOURNAL OF ECONOMICS, Vol. 32, pp. 674- be I* /UotU ritd ftft/to/e . Quaked/ Huns' \ - I* A l//e JANES, C. V. Some aspects of the sterling group proposals, ECONOMIC RECORD, SUPPLEMENT, VIII, October, 1932. pp. 58-6?. Pp. 12. Currency depreciation and fluctuating exchange rates KATZ, Samuel I. 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