Contents
Introduction
I. Recent Developments in Exchange Rate Theory and Policy
1. The Theory of Exchange Rate Determination
2. Exchange Rate Policy after a Decade of “Floating”
II. Short-Run Determinants of the Exchange Rate
3. International Interest Rate and Price Level Linkages under Flexible Exchange Rates: A Review of Recent Evidence
4. Properties of Innovations in Spot and Forward Exchange Rates and the Role of Money Supply Processes
5. Exchange Rate Dynamics
III. Asset Demands and the Exchange Rate
6. International Portfolio Diversification: Short-Term Financial Assets and Gold
7. Tests of Monetary and Portfolio Balance Models of Exchange Rate Determination
8. The International Role of the Dollar: Theory and Prospect
IV. Fundamental Determinants of the Real Exchange Rate
9. Real Exchange Rates in the 1970s
10. The Real Exchange Rate, the Current Account, and the Speed of Adjustment
V. Foreign Exchange Intervention
11. Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects
12. Exchange Rate Unions as an Alternative to Flexible Rates: The Effects of Real and Monetary Disturbances
13. Multilateral Exchange Rate Determination: A Model for the Analysis of the European Monetary System
VI. Monetary Policy and Exchange Rates
14. Effects of United States Monetary Restraint on the DM/$ Exchange Rate and the German Economy
15. The Relationship between Exchange Rate Policy and Monetary Policy in Ten Industrial Countries
List of Contributors
Name Index
Subject Index