CONTENTS
Introduction / John F. O. Bilson ; Richard C. Marston = 1
Ⅰ. Recent Developments in Exchange Rate Theory and Policy
1. The Theory of Exchange Rate Determination / Michael Mussa = 13
2. Exchange Rate Policy after a Decade of "Floating" / William H. Branson = 79
Ⅱ. Short-Run Determinants of the Exchange Rate
3. International Interest Rate and Price Level Linkages under Flexible Exchange Rates : A Review of Recent Evidence / Robert E. Cumby ; Maurice Obstfeld = 121
4. Properties of Innovations in Spot and Forward Exchange Rates and the Role of Money Supply Processes / Hans Genberg = 153
5. Exchange Rate Dynamics / John F. O. Bilson = 175
Ⅲ. Asset Demands and the Exchange Rate
6. International Portfolio Diversification : Short-Term Financial Assets and Gold / Jorge Braga de Macedo ; Jeffrey A. Goldstein ; David M. Meerschwam = 199
7. Tests of Monetary and Portfolio Balance Models of Exchange Rate Determination / Jeffrey A. Frankel = 239
8. The International Role of the Dollar : Theory and Prospect / Paul Krugman = 261
Ⅳ. Fundamental Determinants of the Real Exchange Rate
9. Real Exchange Rates in the 1970s / Louka T. Katseli = 281
10. The Real Exchange Rate, the Current Account, and the Speed of Adjustment / Prancesco Giavazzi ; Charles Wyplosz = 335
Ⅴ. Foreign Exchange Intervention
11. Exchange Market Intervention Operations : Their Role in Financial Policy and Their Effects / Dale W. Henderson = 357
12. Exchange Rate Unions as an Alternative to Flexible Rates : The Effects of Real and Monetary Disturbances / Richard C. Marston = 407
13. Multilateral Exchange Rate Determination : A Model for the Analysis of the European Monetary System / Giorgio Basevi ; Michele Calzolari = 443
Ⅵ. Monetary Policy and Exchange Rates
14. Effects of United States Monetary Restraint on the DM／$ Exchange Rate and the German Economy / Jacques R. Artus = 469
15. The Relationship between Exchange Rate Policy and Monetary Policy in Ten Industrial Countries / Stanley W. Black = 499
List of Contributors = 517
Name Index = 519
Subject Index = 521
