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Author: Anne O. Krueger
Publisher: Cambridge University Press
Published: 1983-03-31
Total Pages: 236
ISBN-13: 9780521273015
DOWNLOAD EBOOKThis volume provides a survey of thought about exchange-rate determination as it emerged in the 1970s.
Author: John F. Bilson
Publisher: University of Chicago Press
Published: 2007-12-01
Total Pages: 542
ISBN-13: 0226050998
DOWNLOAD EBOOKThis 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.
Author: Michael B. Devereux
Publisher:
Published: 2006
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKBoth empirical evidence and theoretical discussion have long emphasized the impact of "news" on exchange rates. In most exchange rate models, the exchange rate acts as an asset price, and as such responds to news about future returns on assets. But the exchange rate also plays a role in determining the relative price of non-durable goods when nominal goods prices are sticky. In this paper we argue that these two roles may conflict with one another. If news about future asset returns causes movements in current exchange rates, then when nominal prices are slow to adjust, this may cause changes in current relative goods prices that have no efficiency rationale. In this sense, anticipations of future shocks to fundamentals can cause current exchange rate misalignments. Friedman's (1953) case for unfettered flexible exchange rates is overturned when exchange rates are asset prices. We outline a series of models in which an optimal policy eliminates the effects of news on exchange rates.
Author: Peter B. Clark
Publisher:
Published: 1977
Total Pages: 462
ISBN-13:
DOWNLOAD EBOOKAuthor: Jacob Frenkel
Publisher: Routledge
Published: 2013-07-18
Total Pages: 389
ISBN-13: 1135043493
DOWNLOAD EBOOKThis book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.
Author: Jagdeep S. Bhandari
Publisher: Greenwood
Published: 1982
Total Pages: 294
ISBN-13:
DOWNLOAD EBOOKAuthor: Charles Engel
Publisher:
Published: 2001
Total Pages: 58
ISBN-13:
DOWNLOAD EBOOKThe purchasing power parity puzzle relates to the adjustment of real exchange rates. Real exchange rates are extremely volatile, suggesting that temporary shocks emanate from the monetary sector. But the half-life of real exchange rate deviations is extremely large -- 2.5 to 5 years. This half-life seems too large to be explained by the slow adjustment of nominal prices. We offer a different interpretation. We maintain that nominal exchange rates and prices need not converge at the same rate, as is implicit in rational-expectations sticky-price models of the exchange rate. Evidence from an unobserved components model for nominal prices and nominal exchange rates that imposes relative purchasing power parity in the long run indicates that nominal exchange rates converge much more slowly than nominal prices. The real puzzle is why nominal exchange rates converge so slowly.
Author: Peter B. Kenen
Publisher:
Published: 1980
Total Pages: 58
ISBN-13:
DOWNLOAD EBOOKAuthor: Maurice Obstfeld
Publisher:
Published: 2002
Total Pages: 44
ISBN-13:
DOWNLOAD EBOOKAuthor: Kenneth W. Clements
Publisher: Cambridge University Press
Published: 2013-01-31
Total Pages: 401
ISBN-13: 110701476X
DOWNLOAD EBOOKDiscusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
