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Equilibrium Exchange Rates : Recent Economic Thought - Ronald MacDonald

Equilibrium Exchange Rates

Recent Economic Thought

By: Ronald MacDonald (Editor), Jerome L. Stein (Editor)

Hardcover Published: 31st July 1999
ISBN: 9780792384243
Number Of Pages: 351

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  • 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 determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.

List of Contributors
Introduction: Equilibrium Exchange Ratesp. 1
What Do We Really Know about Real Exchange Rates?p. 19
The Evolution of the Real Value of the US Dollar Relative to the G7 Currenciesp. 67
A Macroeconomic Balance Framework for Estimating Equilibrium Exchange Ratesp. 103
Feers: A Sensitivity Analysisp. 135
Productivity, Government Spending and the Real Exchange Rate: Evidence for OECD Countriesp. 163
Fundamentals of the Real Dollar-Pound Rate: 1871-1994p. 191
Nominal Equilibrium Exchange Rate Models: A Panel Perspectivep. 209
What Determines Real Exchange Rates: The Long and Short of Itp. 241
Exchange Rates and Economic Fundamentals: A Methodological Comparison of Beers and Feersp. 285
Japanese Effective Exchange Rates and Determinants: A Long-Run Perspectivep. 323
Indexp. 349
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792384243
ISBN-10: 0792384245
Series: Recent Economic Thought
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 351
Published: 31st July 1999
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 3.18
Weight (kg): 0.69

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