Exchange Rates and Macroeconomic Dynamics
Title | Exchange Rates and Macroeconomic Dynamics PDF eBook |
Author | P. Karadeloglou |
Publisher | Springer |
Total Pages | 255 |
Release | 2008-02-13 |
Genre | Business & Economics |
ISBN | 0230582699 |
This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.
Exchange-Rate Dynamics
Title | Exchange-Rate Dynamics PDF eBook |
Author | Martin D. D. Evans |
Publisher | Princeton University Press |
Total Pages | 561 |
Release | 2011-03-14 |
Genre | Business & Economics |
ISBN | 1400838843 |
A comprehensive and in-depth look at exchange-rate dynamics Variations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading. Macroeconomic models have long assumed that agents—households, firms, financial institutions, and central banks—all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading. Designed for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, Exchange-Rate Dynamics guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research. Comprehensive and in-depth examination of the latest research in exchange-rate economics Outlines theoretical and empirical research across the spectrum of modeling approaches Presents new results on the importance of currency trading in exchange-rate determination Provides new perspectives on long-standing puzzles in exchange-rate economics End-of-chapter questions cement key ideas
Exchange Rate Dynamics
Title | Exchange Rate Dynamics PDF eBook |
Author | Jean-Olivier Hairault |
Publisher | Routledge |
Total Pages | 320 |
Release | 2004 |
Genre | Electronic books |
ISBN | 1134426135 |
This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.
Structural Change and Exchange Rate Dynamics
Title | Structural Change and Exchange Rate Dynamics PDF eBook |
Author | Paul J.J. Welfens |
Publisher | Springer Science & Business Media |
Total Pages | 290 |
Release | 2005-12-06 |
Genre | Political Science |
ISBN | 3540285261 |
Structural change, economic growth and adequate exchange rate adjustment are key challenges in the context of EU eastern enlargement as are consistent macroeconomic policies. The authors focus on sectoral adjustment across industries in catching-up countries and explain changes in the composition of output – this includes new aspects of the Chenery model. They describe and analyze the spatial pattern of specialization and adjustment in many countries. Theoretical and empirical analysis of foreign direct investment, innovation and structural change shed new light on economic dynamics in Old Europe and New Europe. As regards exchange rate dynamics both traditional aspects (such as the Balassa-Samuelson effect) and new approaches to understanding exchange rate developments are presented. Links between exchange rate changes and innovation are particularly emphasized.
Equilibrium Exchange Rates
Title | Equilibrium Exchange Rates PDF eBook |
Author | Ronald MacDonald |
Publisher | Springer Science & Business Media |
Total Pages | 353 |
Release | 2012-12-06 |
Genre | Business & Economics |
ISBN | 9401144117 |
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.
Exchange Rate Dynamics
Title | Exchange Rate Dynamics PDF eBook |
Author | Jean-Olivier Hairault |
Publisher | |
Total Pages | |
Release | 2004 |
Genre | Foreign exchange rates |
ISBN | 9780203572337 |
The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities
Title | The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities PDF eBook |
Author | Robert Miguel W. K. Kollman |
Publisher | International Monetary Fund |
Total Pages | 52 |
Release | 1997-01-01 |
Genre | Business & Economics |
ISBN | 1451928521 |
This paper studies dynamic-optimizing model of a semi-small open economy with sticky nominal prices and wages. The model exhibits exchange rate overshooting in response to money supply shocks. The predicted variability of nominal and real exchange rates is roughly consistent with that of G-7 effective exchange rates during the post-Bretton Woods era. The model predicts that a positive domestic money supply shock lowers the domestic nominal interest rate, that it raises output and that it leads to a nominal and real depreciation of the country’s currency. Increases in domestic labor productivity and in the world interest rate too are predicted to induce a nominal and real exchange rate depreciation.