Exchange Rate Theory and Practice

Exchange Rate Theory and Practice

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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.the increase in the average money wage rate for the whole economy reflects an average of the expected long-run rates of ... The standard procedure to derive estimates for the expected rate of growth of money is to assume that the monetary authorities react with a lag to values taken ... of money growth and helps to alleviate some of the identification problems that arise in the estimation of the model.5 3.

Title:Exchange Rate Theory and Practice
Author:John F. Bilson, Richard C. Marston
Publisher:University of Chicago Press - 2007-12-01


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