The Economics of Exchange Rates

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Cambridge University Press, 2002 - Business & Economics - 318 pages
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In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
 

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Contents

The European Central Bank a view from across the ocean
9
Which measure of inflation should the ECB target?
20
An evaluation of alternative targeting rules for the ECB
31
Inflation modelling in the euro area
59
The interaction between monetary and fiscal policies in a monetary union a review of recent literature
91
Independent or coordinated? Monetary and fiscal policy in EMU
134
Interaction of fiscal policies in the euro area how much pressure on the ECB?
157
The macroeconomic impact of different speeds of debt stabilisation in EMU
191
Fiscal shocks and policy regimes in some OECD countries
224
Monetary and fiscal policy interactions over the cycle some empirical evidence
256
Monetary institutions monetary union and unionised labour markets some recent developments
299
Inflationary performance in a monetary union with large wage setters
327
On the enlargement of currency unions incentives to join and incentives to reform
344
Index
367
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