Exchange Rate Economics

Where do we stand?

Paul De Grauwe

350 pages, parution le 17/03/2005

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Résumé

Recent theoretical developments in exchange rate economics have led to important new insights into the functioning of the foreign exchange market. The simple models of the 1970s, which could not withstand empirical evaluation, have been succeeded by more complex models that draw on theoretical work in such areas as the microstructure of financial markets and open economy macroeconomics. Additionally, new and powerful econometric techniques allow researchers to subject exchange rates to stronger empirical analysis.

This book discusses the divergent theoretical and empirical paradigms used today for setting and predicting exchange rates; the chapters reflect current debates in the field. Some chapters base their analyses on the theoretical framework of representative and fully informed rational agents; others are grounded in the hetereogeneity of agents who use different and incomplete sets of information. Still other chapters analyze empirical data to uncover the fundamental characteristics of exchange rates. Taken together, these competing analyses document the current state of exchange rate economics and point the way to a new consensus about how to predict and explain exchange rate movements.

L'auteur - Paul De Grauwe

Paul De Grauwe is Professor of International Economics at the University of Leuven, Belgium. His books include The Economics of Monetary Union and Exchange Rate Theories: Chaotic Models of the Foreign Exchange Markets.

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Sommaire

Are Different-Currency Assets Imperfect Substitutes?
Volume and Volatility in the Foreign Exchange Market: Does It Matter Who You Are?
A Neoclassical Explanation of Nominal Exchange Rate Volatility
Real Exchange Rates and Nonlinearities
Heterogeneity of Agents and the Exchange Rate: A Nonlinear Approach
Dynamics of Endogenous Business Cycles and Exchange Rate Volatility
The Euro, Eastern Europe, and Black Markets: The Currency Hypothesis
What Do We Know about Recent Exchange Rate Models? In-Sample Fit and Out-of-Sample Performance Evaluated
The Euro-Dollar Exchange Rate: Is It Fundamental?Mariam Camarer
Dusting off the Perception of Risk and Returns in FOREX Markets

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Caractéristiques techniques

	PAPIER
Éditeur(s)	The MIT Press
Auteur(s)	Paul De Grauwe
Parution	17/03/2005
Nb. de pages	350
Format	16 x 23,5
Couverture	Relié
Poids	615g
Intérieur	Noir et Blanc
EAN13	9780262042222
ISBN13	978-0-262-04222-2