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4.4 The Monetary Approach to Balance of Payments Theory and Exchange Rate Determination

The third stage in the development of orthodox monetarism came in the

1970s, with the incorporation of the monetary approach to balance of payments

theory and exchange rate determination into monetarist analysis. Until

the collapse of the Bretton Woods system of fixed exchange rates against the

United States dollar in 1971, the US economy could be treated as a reasonably

close approximation to a closed economy. The monetary approach was

particularly important in that it made monetarist analysis, which had been

implicitly developed in this closed economy context, relevant to open economies

such as the UK.