Synopsis
A Theoretical Framework.- Specifications and Assumptions.- Underlying Equilibrium Growth Paths.- Variations in Employment.- Some Important Implications.- Exchange Rate Overshooting.- Exchange Rate Determination.- Issues Regarding Exchange Rate Determination.- Time Series Properties of Observed Exchange Rate Movements.- Efficient Markets and Exchange Rate Forecasts.- The Role of Real Shocks in Determining Real Exchange Rates: The Evidence.- The Role of Money Supply Shocks in Determining Real Exchange Rates: The Evidence.- Further Evidence from a Blanchard-Quah VAR Analysis.- Implications for Monetary Policy.- The Model.- Monetary Policy and Exchange Rates.- Corroborating and Other Evidence.- Conclusions and Suggestions for Future Work.
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