The Economics of Exchange Rates (Collected Works of Harry Johnson)
The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’. Theory is combined with practical application in a clear concise way that will be understood by readers with a basic understanding of economics.
Table of Contents
1. A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence Jacob A.Frenkel 2. The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy Rudiger Dornbusch 3. The Exchange Rate, the Balance of Payments and Monetary and Fiscal policy Under a Regime of Controlled Floating Michael Mussa 4. Contracting and Spurious Deviations From Purchasing-Power Parity Stephen P. Magee 5. Rational Expectations and the Exchange Rate John F. O. Bilson 6. An Empirical Analysis of the Monetary Approach to the Determination of the Exchange Rate Robert J. Hodrick 7. Exchange Restrictions and the Monetary Approach to the Exchange Rate Mario I Blejer 8. Tests of Forecasting Models and Market Efficiency in the International Money Market Richard M. Levich 9. Risk, Information and Forward Exchange Rates Alan C. Stockman 10. A Stock Adjustment Approach to Monetary Policy and the Balance of Payments Junichi Ujiie 11. Devaluation in an Empirical General Equilibrium Model Kenneth W. Clements
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