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Equilibrium Exchange Rates

  • Ronald MacDonald
  • Jerome L. Stein

Part of the Recent Economic Thought Series book series (RETH, volume 69)

Table of contents

  1. Front Matter
    Pages i-vii
  2. Ronald MacDonald, Jerome L. Stein
    Pages 1-17
  3. Hamid Faruqee, Peter Isard, Paul R. Masson
    Pages 103-133
  4. Rebecca Driver, Simon Wren-Lewis
    Pages 135-162
  5. Steven Husted, Ronald MacDonald
    Pages 209-240
  6. Back Matter
    Pages 349-351

About this book

Introduction

  • 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.

Keywords

calculus dynamics econometrics equilibrium macroeconomics

Editors and affiliations

  • Ronald MacDonald
    • 1
  • Jerome L. Stein
    • 2
  1. 1.University of StrathclydeUK
  2. 2.Brown UniversityUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-011-4411-7
  • Copyright Information Kluwer Academic Publishers 1999
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-5896-4
  • Online ISBN 978-94-011-4411-7
  • Series Print ISSN 0924-199X
  • Buy this book on publisher's site
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