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Recent Developments in Exchange Rate Economics
Professor Taylor and Professor Manzur offer in this volume a selection of published articles by leading scholars which are representative of recent key developments in this area of study.
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Contributors
Contents
More Information
Professor Taylor and Professor Manzur offer in this volume a selection of published articles by leading scholars which are representative of recent key developments in this area of study. With an initial look at earlier papers which lay the groundwork for more recent research, the collection investigates three broad areas, namely, monetary policy and exchange rates, monetary unification, and exchange rates and commodity prices. With an authoritative introduction by these two leading specialists in the field, the collection is an essential reference source for students, researchers and lecturers in international finance and for policymakers.
Contributors
36 articles, dating from 1959 to 2011
Contributors include: A. Alesina, Y-C. Chen, K.W. Clements, M.B. Devereux, C. Engel, J. Frankel, J. Lothian, K. Rogoff, A. Rose, J.B. Taylor
Contributors include: A. Alesina, Y-C. Chen, K.W. Clements, M.B. Devereux, C. Engel, J. Frankel, J. Lothian, K. Rogoff, A. Rose, J.B. Taylor
Contents
Contents:
Preface
Introduction Mark P. Taylor and Meher Manzur
PART I GROUNDWORK
1. W.E.G. Salter (1959), ‘Internal and External Balance: The Role of Price and Expenditure Effects’
2. T.W. Swan (1960), ‘Economic Control in a Dependent Economy’
3. Robert A. Mundell (1961), ‘A Theory of Optimum Currency Areas’
4. Benjamin J. Cohen (1963), ‘The Euro-Dollar, the Common Market, and Currency Unification’
5. Kenneth Rogoff (2001), ‘Why Not a Global Currency?’
6. John B. Taylor (2001), ‘The Rules of Exchange Rate in Monetary-Policy Rules’
7. Charles Engel and Kenneth D. West (2005), ‘Exchange Rates and Fundamentals’
8. James Lothian and Mark Taylor (2008), ‘Real Exchange Rates over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?’
PART II MONETARY POLICY AND EXCHANGE RATES
9. Michael B. Devereux and Charles Engel (2003), ‘Monetary Policy in the Open Economy Revisited: Price Setting and Exchange-Rate Flexibility’
10. Jay C. Shambaugh (2004), ‘The Effect of Fixed Exchange Rates on Monetary Policy’
11. Jordi Galí and Tommaso Monacelli (2005), ‘Monetary Policy and Exchange Rate Volatility in a Small Open Economy’
12. Jean Imbs, Haroon Mumtaz, Morten O. Ravn and Hélène Rey (2005), ‘PPP Strikes Back: Aggregation and the Real Exchange Rate’
13. Almuth Scholl and Harald Uhlig (2008), ‘New Evidence on the Puzzles: Results from Agnostic Identification on Monetary Policy and Exchange Rates’
14. Nelson C. Mark (2009), ‘Changing Monetary Policy Rules, Learning and Real Exchange Rate Dynamics’
15. Bianca De Paoli (2009), ‘Monetary Policy and Welfare in a Small Open Economy’
16. Frédérique Bec, Mélika Ben Salem and Marine Carrasco (2010), ‘Detecting Mean Reversion in Real Exchange Rates from a Multiple Regime STAR Model’
17. José Rodríguez-López (2011), ‘Prices and Exchange Rates: A Theory of Disconnect’
PART III CURRENCY UNIFICATION
18. Alberto Alesina and Robert J. Barro (2002), ‘Currency Unions’
19. Jeffrey Frankel and Andrew Rose (2002), ‘An Estimate of the Effect of Common Currencies on Trade and Income’
20. Pierpaolo Benigno (2004), ‘Optimal Monetary Policy in a Currency Area’
21. David Fielding and Kalvinder Shields (2005), ‘Do Currency Unions Deliver More Economic Integration than Fixed Exchange Rates? Evidence from the Franc Zone and ECCU’
22. Barry Eichengreen (2006), ‘The Parallel-Currency Approach to Asian Monetary Integration’
23. John H. Rogers (2007), ‘Monetary Union, Price Level Convergence and Inflation: How Close is Europe to the USA?’
24. George Selgin and David VanHoose (2007), ‘The Euro and World Inflation’
25. Helge Berger and Volker Nitsch (2008), ‘Zooming Out: The Trade Effect of the Euro in Historical Perspective’
26. Thomas D. Willett, Orawan Permpoon and Clas Wihlborg (2010), ‘Endogenous OCA Analysis and the Early Euro Experience’
27. Eduardo Levy Yeyati, Federico Sturzenegger and Iliana Reggio (2010), ‘On the Endogeneity of Exchange Rate Regimes’
PART IV CURRENCY COMMODITIES AND COMMODITY CURRENCIES
28. Yu-chin Chen and Kenneth Rogoff (2003), ‘Commodity Currencies’
29. Christian Broda (2004), ‘Terms of Trade and Exchange Rate Regimes in Developing Countries’
30. Paul Cashin, Luis F. Céspedes and Ratna Sahay (2004), ‘Commodity Currencies and the Real Exchange Rate’
31. Harry Bloch, A. Michael Dockery and David Sapsford (2006), ‘Commodity Prices and the Dynamics of Inflation in Commodity-Exporting Nations: Evidence from Australia and Canada’
32. Kenneth W. Clements and Renée Fry (2008), ‘Commodity Currencies and Currency Commodities’
33. Radhamés A. Lizardo and André V. Mollick (2010), ‘Oil Price Fluctuations and U.S. Dollar Exchange Rates’
34. Ramazan Sari, Shawkat Hammoudeh and Ugur Soytas (2010), ‘Dynamics of Oil Price, Precious Metal Prices, and Exchange Rate’
35. Yu-Chin Chen, Kenneth S. Rogoff and Barbara Rossi (2010), ‘Can Exchange Rates Forecast Commodity Prices?’
36. David S. Jacks, Kevin H. O’Rourke and Jeffrey G. Williamson (2011), ‘Commodity Price Volatility and World Market Integration since 1700’
Preface
Introduction Mark P. Taylor and Meher Manzur
PART I GROUNDWORK
1. W.E.G. Salter (1959), ‘Internal and External Balance: The Role of Price and Expenditure Effects’
2. T.W. Swan (1960), ‘Economic Control in a Dependent Economy’
3. Robert A. Mundell (1961), ‘A Theory of Optimum Currency Areas’
4. Benjamin J. Cohen (1963), ‘The Euro-Dollar, the Common Market, and Currency Unification’
5. Kenneth Rogoff (2001), ‘Why Not a Global Currency?’
6. John B. Taylor (2001), ‘The Rules of Exchange Rate in Monetary-Policy Rules’
7. Charles Engel and Kenneth D. West (2005), ‘Exchange Rates and Fundamentals’
8. James Lothian and Mark Taylor (2008), ‘Real Exchange Rates over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?’
PART II MONETARY POLICY AND EXCHANGE RATES
9. Michael B. Devereux and Charles Engel (2003), ‘Monetary Policy in the Open Economy Revisited: Price Setting and Exchange-Rate Flexibility’
10. Jay C. Shambaugh (2004), ‘The Effect of Fixed Exchange Rates on Monetary Policy’
11. Jordi Galí and Tommaso Monacelli (2005), ‘Monetary Policy and Exchange Rate Volatility in a Small Open Economy’
12. Jean Imbs, Haroon Mumtaz, Morten O. Ravn and Hélène Rey (2005), ‘PPP Strikes Back: Aggregation and the Real Exchange Rate’
13. Almuth Scholl and Harald Uhlig (2008), ‘New Evidence on the Puzzles: Results from Agnostic Identification on Monetary Policy and Exchange Rates’
14. Nelson C. Mark (2009), ‘Changing Monetary Policy Rules, Learning and Real Exchange Rate Dynamics’
15. Bianca De Paoli (2009), ‘Monetary Policy and Welfare in a Small Open Economy’
16. Frédérique Bec, Mélika Ben Salem and Marine Carrasco (2010), ‘Detecting Mean Reversion in Real Exchange Rates from a Multiple Regime STAR Model’
17. José Rodríguez-López (2011), ‘Prices and Exchange Rates: A Theory of Disconnect’
PART III CURRENCY UNIFICATION
18. Alberto Alesina and Robert J. Barro (2002), ‘Currency Unions’
19. Jeffrey Frankel and Andrew Rose (2002), ‘An Estimate of the Effect of Common Currencies on Trade and Income’
20. Pierpaolo Benigno (2004), ‘Optimal Monetary Policy in a Currency Area’
21. David Fielding and Kalvinder Shields (2005), ‘Do Currency Unions Deliver More Economic Integration than Fixed Exchange Rates? Evidence from the Franc Zone and ECCU’
22. Barry Eichengreen (2006), ‘The Parallel-Currency Approach to Asian Monetary Integration’
23. John H. Rogers (2007), ‘Monetary Union, Price Level Convergence and Inflation: How Close is Europe to the USA?’
24. George Selgin and David VanHoose (2007), ‘The Euro and World Inflation’
25. Helge Berger and Volker Nitsch (2008), ‘Zooming Out: The Trade Effect of the Euro in Historical Perspective’
26. Thomas D. Willett, Orawan Permpoon and Clas Wihlborg (2010), ‘Endogenous OCA Analysis and the Early Euro Experience’
27. Eduardo Levy Yeyati, Federico Sturzenegger and Iliana Reggio (2010), ‘On the Endogeneity of Exchange Rate Regimes’
PART IV CURRENCY COMMODITIES AND COMMODITY CURRENCIES
28. Yu-chin Chen and Kenneth Rogoff (2003), ‘Commodity Currencies’
29. Christian Broda (2004), ‘Terms of Trade and Exchange Rate Regimes in Developing Countries’
30. Paul Cashin, Luis F. Céspedes and Ratna Sahay (2004), ‘Commodity Currencies and the Real Exchange Rate’
31. Harry Bloch, A. Michael Dockery and David Sapsford (2006), ‘Commodity Prices and the Dynamics of Inflation in Commodity-Exporting Nations: Evidence from Australia and Canada’
32. Kenneth W. Clements and Renée Fry (2008), ‘Commodity Currencies and Currency Commodities’
33. Radhamés A. Lizardo and André V. Mollick (2010), ‘Oil Price Fluctuations and U.S. Dollar Exchange Rates’
34. Ramazan Sari, Shawkat Hammoudeh and Ugur Soytas (2010), ‘Dynamics of Oil Price, Precious Metal Prices, and Exchange Rate’
35. Yu-Chin Chen, Kenneth S. Rogoff and Barbara Rossi (2010), ‘Can Exchange Rates Forecast Commodity Prices?’
36. David S. Jacks, Kevin H. O’Rourke and Jeffrey G. Williamson (2011), ‘Commodity Price Volatility and World Market Integration since 1700’
