ESTIMATING EQUILIBRIUM EXCHANGE RATES WILLIAMSON Księgarnia

Estimating Equilibrium Exchange Rates

The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergsten and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime.

This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations. Other contributors discuss the conceptual and empirical issues involved in their own approaches to estimating equilibrium rates. Stanley Black provides a concluding appraisal of the state-of-the-art.

"Before long Bill Clinton, who is keen on grand visions, may rediscover these ideas and start trying to apply them once more to the global economy."
The Economist, May 1993

". . . the topic is an enduringly important one, and the editor, John Williamson, is to be congratulated for assembling a collection of essays providing a balanced and diverse sampling of alternative methodologies."
Maurice Obstfeld, University of California, Berkeley

300 pages

Księgarnia nie działa. Nie odpowiadamy na pytania i nie realizujemy zamówien. Do odwolania !.