Originally published in 1982. This book deals with exchange-rate
determination and the implications of floating rate regimes for the
time paths of prices and quantities. It develops a class of
stochastic equilibrium models of the open economy operating under
flexible exchange rates, assuming that agents are endowed with
rational expectations but do not possess full current information
as to the state of the world. Chapters look at a model's response
to economic disturbances, the effect on non-traded goods, and
cyclical variations of the terms of trade. The final chapter
considers a model to investigate purchasing parity issues.
General
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