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Exchange Rate Dynamics: A Modern Analysis of Exchange Rate Theory and Evidence
by Eric J Pentecost
Binding: Hardcover, 224 pages
Publisher: Edward Elgar Publishing
List Price: USD $125.00
Weight: 115
Dimension: H: 1 x L: 9.75 x W: 6.5 inches
ISBN 10: 1852781386
ISBN 13: 9781852781385
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Book Description:
With the collapse of the Bretton Woods fixed exchange rate system in the early 1970s and the adoption of generalized floating by the major industrial nations the determinants of the exchange rate once again re emerged as an important issue within monetary economics. In this book, Eric Pentecost examines the development of this vast literature since the mid 1970s by carefully developing the main theoretical models of exchange rate determination and assessing their empirical validity, drawing largely from recent econometric results based on the cointegration methodology. In addition to the Monetary and Portfolio Balance models of the exchange rate and their predecessors, models of 'the news', speculative bubbles and risk premia are also considered. Very recent developments are reviewed in the final chapter and include the use of survey data on exchange rate expectations to test the rational expectations hypothesis, chartism, the use of chaos theory as a means of modelling exchange rate dynamics, and models of smooth pasting.

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