| Fundamental Determinants of Exchange Rates |  | Authors: Jerome L. Stein, Polly Reynolds Allen, Associates
Publisher: Oxford University Press, USA
Category: Book
Buy Used: $78.92
Sales Rank: 3718335
Media: Hardcover
Pages: 232
Number Of Items: 1
Shipping Weight (lbs): 0.9
Dimensions (in): 8.9 x 5.7 x 0.7
ISBN: 0198287992
Dewey Decimal Number: 332.456
EAN: 9780198287995
ASIN: 0198287992
Publication Date: January 4, 1996
Availability: Usually ships in 1-2 business days
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Product Description
"This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a subbstantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund
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