Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid—or at least control—misalignment through macroeconomic policy is confronted.
CONTENTS
Preface
Introduction
1. Sources of Misalignment in the 1980s
2. Sterling Misalignment and British Trade Performance
3. Exchange Rate Variability, Misalignment, and the European Monetary System
4. Realignment of the Yen-Dollar Exchange Rate: Aspects of the Adjustment Process in Japan
5. Roundtable on Exchange Rate Policy
6. Monopolistic Competition and Labor Market Adjustment in the Open Economy
7. On the Effectiveness of Discrete Devaluation in Balance of Payments Adjustment
8. Exchange Rates and U.S. Auto Competitiveness
9. U.S. Manufacturing and the Real Exchange Rate
10. Long-Run Effects of the Strong Dollar
11. New Directions for Research
List of Contributors
Name Index
Subject Index
Páginas : 328
Peso : 14 mb.
Formato : PDF.
Edición : Primera
Año de Publicación :1988
ISBN : 978-0226507231
Editorial : University Of Chicago
Autor : Richard C. Marston
