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Ronald MacDonald, Jerome L. Stein

Equilibrium Exchange Rate (Recent Economic Thought, 69)

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ISBN: 0792384245
Издательство: Kluwer Academic Publishers
+ How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? + What are the determinants and dynamics of equilibrium real exchange rates? + How can misalignments be measured, and what are their causes? + What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental...