Idea Transcript
Exchange rate theories De Economist March 1989, Volume 137, Issue 1, pp 16–46 | Cite as H. Visser (1) 1. Money and Banking and International Economics, Department of Economics, Free University, Amsterdam Article 171 Downloads 6 Citations
Summary A four-period classification is used to categorise recent exchange-rate theories or models. In the very short period, only capital flows are relevant. In the short period, both capital flows and payments on the current account play a role. In the long period, the capital account and the current account are individually in equilibrium. In the very long period, purchasing power parity holds. Cash-in-advance models are dealt with separately. Many models that purport to explain exchange rates do in fact not provide for the exchange of currencies. No model stands up satisfactorily to econometric testing. Speculative bubbles, the ‘peso problem’ and ‘news’ play havoc with tests of the uncovered interest parity theorem, the core of the monetary models. This aside, the fundamental assumption of rational expectations itself is suspect. There does not seem to be such a thing as a ‘true’ model.
Keywords Exchange Rate International Economic Public Finance Current Account Rational Expectation These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves. I am indebted to Dr. W.J.B. Smits and Professor J.W. Gunning for helpful discussions on a number of issues pertinent to this article. This is a preview of subscription content, log in to check access.
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Copyright information © H.E. Stenfert Kroese B.V. 1989
About this article Cite this article as: Visser, H. De Economist (1989) 137: 16. https://doi.org/10.1007/BF01857710 DOI (Digital Object Identifier) https://doi.org/10.1007/BF01857710 Publisher Name Kluwer Academic Publishers Print ISSN 0013-063X Online ISSN 1572-9982 About this journal Reprints and Permissions
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