A Structural Case for International Cooperation

A Structural Case for International Cooperation

We recommend a Bretton Woods system along structural lines. A key component of the case is the substitution of the money transmission mechanism by the credit transmission mechanism. We suggest that the real exchange rate be the variable of cooperation between countries that are free to set interest rates to pursue domestic policy objectives.

Ⅰ. Introduction

Ⅱ. Structural Open-Economy Macroeconomics

Ⅲ. Keynes and after: The Circuit Approach

Ⅳ. Conclusion

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