Theories of Exchange Rates

1
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• Theories of Exchange Rates
• The Fundamental International Parity Conditions
• The Fundamental International Monetary Economics
• Intertemporal Approaches to the Current Account

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2
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• ??? D. ??(Levi,1996),????,(???),?3?,???????
• Chapter 6,710,11
• ??? T. ????(McCallum, 1996),??,???,???????,?????
  ??
• Chapter 5,6,7,9
• Obstfeld and Rogoff(1996), ?????,?????????,?????
  ??
• Chapter 1

3
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• Frankel and Rose(1994), A Survey of Empirical
  Research on Nominal Exchange Rates, NBER 4865
• Froot and Rogoff(1994)Perspectives on PPP and
  Long-run Real Exchange Rates, NBER4952
• Selahattin Dibooglu(2000), Aggregate Supply,
  Domestic Absorption, and Terms of Trade a
  Structural Decomposition of the U.S. Trade
  Balance, The International Trade Journal,
  Volume XIV, No. 2
• SEBASTIAN EDWARDS(2004), Thirty Years of Current
  Account Imbalances,Current Account Reversals, and
  Sudden Stops, IMF Staff Papers,Vol. 51, Special
  Issue

4
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• http//www1.elsevier.com/hes/books/03/menu03.htm
• Volume 3, Edited by Gene M. Grossman and Kenneth
  Rogoff
• Chapters32. Perspectives on PPP and Long-Run
  Real Exchange Rates - Kenneth A. Froot and
  Kenneth Rogoff33. Empirical Research on Nominal
  Exchange Rates - Jeffrey A. Frankel and Andrew K.
  Rose34. The Intertemporal Approach to the
  Current Account - Maurice Obstfeld and Kenneth
  Rogoff35. International Trade and Business
  Cycles - Marianne Baxter37. Puzzles in
  International Financial Markets - Karen K. Lewis

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Foundations of International Macroeconomics

• Obstfelf and Rogoff(1996)
• ?????
• ???????

6
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• 20??50?60??
• Self-regulating???????????????????,??????????????
  ??
• Metzler?Machlup??Keynes?????????????????(????)?
• ??????????????????Keynes?????????
• Meade(1951)??????????????????????
• Mundell and Fleming20??60??,???????????,?????????
  ????
• Dornbusch(1976)?????????????,Mundell-Fleming-Dorn
  busch??

7
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• 20??70?????????(??????)
• Monetary Approach
• Harry Johnson, Jacb Frenkel, Mundell, J. J. Polak
• Asset Portfolio Approach

8
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• ????
• Lucas(1976) Lucas??
• ?????????????????

9
???????????

• 20??80??
• Intertemporal Approaches to the Current Account
• Sachs(1981), Obstfeld(1982), Frenkel and
  Razin(1986)
• ???????????????
• ????

10
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• ????????????????????
• ????????Forward-looking????????????(????)
• Keynes????? CAlt0

11
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12
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• ?????????????????,?????
• ????????????(New Open-economy Macroeconomics)????
  
• Obstfeld and Rogoff(1995) ?????????????
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