Transcription of The Theory of Exchange Rate Determination
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This PDF is a selection from an out-of-print volume from the National Bureauof Economic ResearchVolume Title: Exchange Rate Theory and PracticeVolume Author/Editor: John F. O. Bilson and Richard C. Marston, Publisher: University of Chicago PressVolume ISBN: 0-226-05096-3 Volume URL: Date: 1984 Chapter Title: The Theory of Exchange Rate DeterminationChapter Author: Michael L. MussaChapter URL: pages in book: (p. 13 - 78)1 The Theory of Exchange Rate Determination Michael Mussa introduction This essay develops an integrated model of Exchange rate behavior that synthesizes many recent and older contributions to the Theory of Exchange rate Determination . Since the task of Exchange rate Theory is to explain be- havior observed in the real world, the essay begins (in sec. ) with a summary of empirical regularities that have been characteristic of the behav- ior of Exchange rates and other related variables during periods of floating Exchange rates .
1 The Theory of Exchange Rate Determination Michael Mussa 1.1 Introduction This essay develops an integrated model of exchange rate behavior that
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