This collection examines recent developments in exchange rate analysis. In the first part, two exchange rate models are proposed: a model which combines heterogeneous agents and transaction costs, and a dynamic general-equilibrium two-country sticky-price model. The second part of the book deals with econometric aspects of the exchange rate dynamics linked to regime-switching and structural breaks. In the third part of the book, an analysis of speculative attacks and monetary policy is presented.

Autorentext
WOLFRAM BERGER Lecturer, University of Hagen, Germany GEIR BJØNNES Associate Professor, Norwegian School of Management, University of Oslo, Norway HAFEDH BOUAKEZ Senior Analyst, International Department, Bank of Canada MARIO CERRATO Lecturer in Finance, London Metropolitan University CHRISTOPHE CHARMLEY Professor, Boston University, USA YIN-WONG CHEUNG Professor of Economics, University of California, USA PAUL DE GRAUWE Professor of International Economics, University of Leuven, Belgium ULF ERLANDSSON Ph.D. student, Lund University, Sweden MARIANNA GRIMALDI Ph.D. student, University of Leuven, Belgium DAGFINN RIME Researcher, Norges Bank, Norway NICHOLAS SARANTIS Professor of International Finance, London Metropolitan University, UK HAAKON O. A. A. SOLHEIM Ph.D. student, Norwegian School of Management, Norway.

Inhalt
PART I: EXCHANGE RATE MODELS Heterogeneity of Beliefs and Exchange Rate Dynamics; P.De Grauwe & M.Grimaldi Real Exchange Rate Persistence in DGE Sticky-Price Models: An Analytical Characterization; H.Bouakez PART II: STRUCTURAL BREAKS AND REGIME SWITCHING Real Exchange Rate Dynamics: An Alternative Approach; Y-W Cheung & U.Erlandsson Structural Break and Unit Roots in Black Market Real Exchange; M.Cerrato & N.Sarantis PART III: SPECULATIVE ATTACKS AND MONETARY POLICY The Role of Foreign Speculators during Speculative Attacks: The Case of 1998; G.Bjønnes, D.Rime & H.O.A.A.Solheim Exchange Rate Policy and Foreign Debt: When is a Fear of Floating Optimal?; W.Berger Learning and Coordination Against a Fixed Exchange Rate; C.Charmley