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Exchange Rate Economics : Theories and Evidence - Ronald MacDonald

Exchange Rate Economics

Theories and Evidence

Paperback Published: 15th February 2007
ISBN: 9780415125512
Number Of Pages: 450

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Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition. It has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:


  • the purchasing power parity hypotheses and the PPP puzzle

  • the monetary and portfolio-balance approaches to exchange rates

  • new open economy macroeconomics approach to exchange rates

  • the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Introduction: Some Basic Concepts and Stylised facts and the Case for (and Against) Floating Exchange Rates
Purchasing Power Parity and the PPP Puzzle
The Economics of the PPP Puzzle
The Flexible Price Monetary Model
The Sticky Price Monetary Model
Empirical Evidence on the Monetary Exchange Rate Model
Currency Substitution and Portfolio Balance Models
Real Exchange Rate Determination: Theory and Evidence
Equilibrium Exchange Rates: Measurement and Misalignment
The New Open Economy Macroeconomics and Exchange Rate Behaviour
The New Open Economy Macroeconomics: Pricing to Market and Exchange Rate Volatility Redux
The Economics of Fixed Exchange Rates
Target Zone Models
The Economics of Fixed Exchange Rates
Speculative Attack Models and Contagion
The Market Microstructure Approach to the Foreign Exchange Market
Spot and Forward Exchange Rates and the Forward Premium Puzzle
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415125512
ISBN-10: 0415125510
Series: Routledge Studies in the Modern World Economy
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 450
Published: 15th February 2007
Country of Publication: GB
Dimensions (cm): 23.27 x 16.79  x 2.57
Weight (kg): 0.69
Edition Number: 2
Edition Type: New edition