Are exchange rates determined by economic fundamentals or are they
a prey to random speculative forces? Some economists assert that
economic theory has so far performed poorly in explaining the
dramatic increase in exchange rate volatility in the recent
floating rate period. This book argues that modern macroeconomic
theory does provide guidelines for understanding exchange rate
fluctuations. Since the mid-1990s, there has been an outpouring of
research that aims at laying new foundations for open-macroeconomic
theory. The so-called New Open Economy Macroeconomics (NOEM)
approach embeds micro-founded behaviour into dynamic general
equilibrium models. This provides a rich framework for thinking
about exchange rate behaviour and lays the groundwork for credible
policy evaluation. This book shows how the most recent analytical
tools proposed in this literature improve our understanding of
exchange rate fluctuations. With contributions from an
international array of thinkers, this impressive book shall
interest both students and researchers involved with
Macroeconomics, Money and Banking as well as all those interested
in International Finance, including financial institu
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