Exchange Rate Economics

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Overview

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.

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Product Details

Table of Contents


List of figures     ix
List of tables     xii
Preface     xiii
Introduction: some basic concepts and stylised facts and the case for (and against) floating exchange rates     1
Purchasing power parity and the PPP puzzle     39
The economics of the PPP puzzle     68
The flexible price monetary approach to the exchange rate     94
The sticky-price monetary model     106
The monetary approach to the exchange rate: an empirical perspective     134
Currency substitution models and the portfolio balance approach to the exchange rate     166
Real exchange rate determination: theory and evidence     199
Equilibrium exchange rates: measurement and misalignment     227
The new open economy macroeconomics and exchange rate behaviour     251
The new open economy macroeconomic model: pricing to market and exchange rate volatility redux     274
The economics of fixed exchange rates, part 1: target zone models     289
The economics of fixed exchange rates, part 2: speculative attack models and contagion     313
The market microstructure approach to the foreign exchange market     339
Spot and forward exchange rates and the forward premium puzzle     370
Notes     396
References     405
Index     440
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