Exchange Rate Theory and Practice

edited by John F. Bilson and Richard C. Marston

University of Chicago Press, 1984
Cloth: 978-0-226-05096-6 | Paper: 978-0-226-05097-3 | Electronic: 978-0-226-05099-7
DOI: 10.7208/chicago/9780226050997.001.0001

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ABOUT THIS BOOKTABLE OF CONTENTS

ABOUT THIS BOOK

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.

Introduction

I. Recent Developments in Exchange Rate Theory and Policy

1. The Theory of Exchange Rate Determination

2. Exchange Rate Policy after a Decade of “Floating”

II. Short-Run Determinants of the Exchange Rate

3. International Interest Rate and Price Level Linkages under Flexible Exchange Rates: A Review of Recent Evidence

4. Properties of Innovations in Spot and Forward Exchange Rates and the Role of Money Supply Processes

5. Exchange Rate Dynamics

III. Asset Demands and the Exchange Rate

6. International Portfolio Diversification: Short-Term Financial Assets and Gold

7. Tests of Monetary and Portfolio Balance Models of Exchange Rate Determination

8. The International Role of the Dollar: Theory and Prospect

IV. Fundamental Determinants of the Real Exchange Rate

9. Real Exchange Rates in the 1970s

10. The Real Exchange Rate, the Current Account, and the Speed of Adjustment

V. Foreign Exchange Intervention

11. Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects

12. Exchange Rate Unions as an Alternative to Flexible Rates: The Effects of Real and Monetary Disturbances

13. Multilateral Exchange Rate Determination: A Model for the Analysis of the European Monetary System

VI. Monetary Policy and Exchange Rates

14. Effects of United States Monetary Restraint on the DM/$ Exchange Rate and the German Economy

15. The Relationship between Exchange Rate Policy and Monetary Policy in Ten Industrial Countries

List of Contributors

Name Index

Subject Index