developed for the analysis of exchange-rate questions and to relate it to the question of monetary policy. Part I concentrates … primarily deter-mined in asset markets with expectations playing a dominant role; (ii) the sharpest formulation of exchange-rate … precarious reed on which to hang short-term exchange-rate theory; (iv) the current account has just made it back as a determinant …

aggregates, interest rates, and commodity prices across 154 exchange rate arrangements to assess whether official labels' provide … an adequate representation of actual country practice. We find that, countries that say they allow their exchange rate to …

specification of the demand for international reserves. It is shown that the optimal degree of exchange rate flexibility depends on …

transactions-volume, short-term horizons, and an absence of stabilizing speculation. As a result, the exchange rate at times strays … exchange rate. We conclude that one might build a case for intervention from the observed failure of international financial …