Exchange Rate Theory and PracticeJohn F. Bilson, Richard C. Marston This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System. |
Contents
| 1 | |
| 11 | |
II ShortRun Determinants of the Exchange Rate | 119 |
III Asset Demands and the Exchange Rate | 197 |
IV Fundamental Determinants of the Real Exchange Rate | 279 |
V Foreign Exchange Intervention | 357 |
VI Monetary Policy and Exchange Rates | 467 |
List of Contributors | 517 |
Name Index | 519 |
| 521 | |
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Exchange Rate Theory and Practice John F. Bilson,John F. O. Bilson,Richard C. Marston No preview available - 1988 |
Common terms and phrases
adjustment aggregate demand analysis asset market asset prices assumed assumption balance of payments behavior Branson central bank coefficients conditional equilibrium constant policy correlation country 1's current account depreciation deutsche mark disequilibrium domestic money Dornbusch effect empirical equation estimates exchange rate determination exogenous flexible exchange rates flexible rates floating exchange rates foreign assets foreign exchange market franc Frenkel Germany home and foreign home currency home securities hypothesis increase inflation innovations intervention investor Journal long-run matrix model of exchange monetary disturbances monetary model monetary policy money demand money supply Mussa negative nominal exchange rate nontraded output overshooting paper parameters period price level price of domestic purchasing power parity rational expectations real exchange rate real interest rate regime regression relative price role shift substitutability terms of trade tests tion United Kingdom United States dollar variables vector autoregressions wage zero