Chapter

The Behaviour of Exchange Rates

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy

Published in print May 1990 | ISBN: 9780198283195
Published online November 2003 | e-ISBN: 9780191596186 | DOI: http://dx.doi.org/10.1093/0198283199.003.0005

Series: Clarendon Paperbacks

 The Behaviour of Exchange Rates

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The focus shifts from a closed economic environment to the effects of exogenous factors such as overseas trading, with exchange rates being key. To this end, the chapter is split into two main arguments. The first offers a more theoretical account of the role of official action on exchange rates. The authors discuss their ideas in relation to Dornbusch‐type models. After this, the chapter discusses the adoption of flotation rates in 1973 in place of the Bretton Woods. The chapter ends with a brief discussion on how arguments developed in previous chapters are influenced by exogenous factors such as exchange rates.

Keywords: balance‐of‐payments equilibrium; Dornbusch models; exchange rates; exogeneity; floating rates; Bretton Woods

Chapter.  11735 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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