Exchange Rate Economics: Theories and Evidence

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Exchange Rate Economics Theories and evidence Ronald MacDonald
Firstpublished2007 by Routledge 2ParkSquare,Milton Park,Abingdon,OxonOX14 4RN Simultaneouslypublishedinthe USAand Canada by Routledge 270Madison Ave,New York,NY10016 RoutledgeisanimprintoftheTaylor&FrancisGroup,aninforma business This edition published in the Taylor & Francis e-Library, 2007. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” ©2007RonaldMacDonald Allrights reserved.No part ofthis bookmaybereprinted or reproducedorutilisedin any formorbyany electronic, mechanical,orother means,nowknown orhereafter invented, includingphotocopyingand recording, orinany informationstorageorretrieval system,withoutpermission in writingfromthe publishers. BritishLibrary CataloguinginPublicationData Acataloguerecordforthis bookis availablefromthe BritishLibrary Library ofCongressCatalogingin PublicationData Acatalogrecordforthis bookhas beenrequested ISBN 0-203-38018-5 Master e-book ISBN ISBN13:978–0–415–14878–8 (hbk) ISBN13:978–0–415–12551–2 (pbk) ISBN13:978–0–203–38018–5 (ebk)
Page 2: Exchange Rate Economics Exchange Ra
Page 8 and 9: Contents List of figures List of ta
Page 10 and 11: Figures 1.1 The balance of payments
Page 12 and 13: Figures 13.6 Fourth generation spec
Page 14: Preface This book is the second edi
Page 17 and 18: 2 Introduction Although the textboo
Page 19 and 20: 4 Introduction (orders to buy/sell
Page 21 and 22: 6 Introduction Table 1.3 Currency d
Page 23 and 24: 8 Introduction a truly flexible exc
Page 25 and 26: 10 Introduction this has to be sati
Page 27 and 28: 12 Introduction likely that the rel
Page 29 and 30: 14 Introduction or F (1 + i) = S (1
Page 31 and 32: 16 Introduction Consider now a fall
Page 33 and 34: 18 Introduction The empirical evide
Page 35 and 36: 20 Introduction (mean and variance)
Page 37 and 38: 22 Introduction (a) (b) 0.3 0.25 0.
Page 39 and 40: 24 Introduction clusters or that it
Page 41 and 42: 26 Introduction 0.1 0.05 0 -0.05 -0
Page 43 and 44: 28 Introduction 1.9 Exchange rate r
Page 45 and 46: 30 Introduction fixed versus flexib
Page 47 and 48: 32 Introduction influences. For exa
Page 49 and 50: 34 Introduction 1.11 The determinan
Page 51 and 52: 36 Introduction In the standard OCA
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38 Introduction most transactions i
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40 Purchasing power parity and the
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3 The economics of the PPP puzzle I
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70 The economics of the PPP puzzle
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4 The flexible price monetary appro
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96 The flexible price monetary appr
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98 The flexible price monetary appr
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100 The flexible price monetary app
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5 The sticky-price monetary model I
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108 The sticky-price monetary model
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6 The monetaryapproach to the excha
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136 Empirical evidence on the monet
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Table 6.5 SEM equations: United Kin
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7 Currencysubstitution models and t
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168 Currency substitution and portf
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200 Real exchange rate determinatio
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228 Equilibrium exchange rates rate
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230 Equilibrium exchange rates A nu
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232 Equilibrium exchange rates long
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234 Equilibrium exchange rates 5.1
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236 Equilibrium exchange rates term
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238 Equilibrium exchange rates 0.30
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240 Equilibrium exchange rates Detk
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242 Equilibrium exchange rates US i
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244 Equilibrium exchange rates The
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246 Equilibrium exchange rates 9.6.
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248 Equilibrium exchange rates 9.6.
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250 Equilibrium exchange rates Conc
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252 The new open economy macroecono
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11 The new open economy macroeconom
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290 Target zone models 12.1 The bas
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292 Target zone models stochastic c
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294 Target zone models moves from 2
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296 Target zone models where A 1 an
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298 Target zone models expected dev
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300 Target zone models % expected d
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302 Target zone models MacDonald (2
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304 Target zone models for the DM-l
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306 Target zone models explicit ban
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308 Target zone models Table 12.1 F
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310 Target zone models short-term i
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312 Target zone models the UK short
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314 Speculative attack models and c
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340 Market microstructure approach
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15 Spot and forward exchange rates
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Notes 1 Introduction: some basic co
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398 Notes 4 Although the split betw
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400 Notes 3 The fact that the utili
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402 Notes 15 This result is familia
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404 Notes 6 Where ∫ ∞ vg(v) E(v
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406 References Artis,M. and M. Lewi
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408 References Bergin,P.,R. Glick a
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410 References Calvo,G.A. and C.A.
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412 References Clark,P.B. and R. Ma
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414 References Detken,C.,A. Dieppe,
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416 References Edwards,S. and I. Ma
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418 References Fischer,S. (2001),
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420 References Frieden,J.P.G. and E
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422 References Granger,C.W. and T.
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424 References Hooper,P. and J. Mor
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426 References Kearney,C. and R. Ma
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428 References Lewis,K. (1988),‘T
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430 References MacDonald,R. (2002),
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432 References Mark,N.C. (2001),Int
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434 References Obstfeld,M. and K. R
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436 References Roll,R. (1979),‘Vi
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438 References Tauchen,G.E. and M.
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Index Abadir,K. 389 Abuaf,N. 60 Adl
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442 Index Diba,B. 177-8 Dickey,D.A.
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444 Index Gagnon,J. 212 Gali,J. 128
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446 Index Miller,M.H. 120,123,128,1
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448 Index purchasing power parity (
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450 Index trade: interbank trade 34
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