The authors, two of the most prominent game theorists of this generation, have devoted a number of years to the development of the theory presented here, and to its economic applications. They propose rational criteria for selecting one particular uniformly perfect equilibrium point as the...

The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of...

Exchange-Rate Devaluation in a Semi-Industrialized Country analyzes the impact of the exchange rate on the domestic economy and the balance of payments of Argentina during the period 1955-1961. It contains a study of the short-run mechanism of adjustment of the balance of payments of that...

From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to...

Recent theoretical developments in exchange rate economics have led to important new insights into the functioning of the foreign exchange market. The simple models of the 1970s, which could not withstand empirical evaluation, have been succeeded by more complex models that draw on theoretical...

Currency boards, more so than other exchange rate regimes, have come in and out of fashion. Defined by a fixed exchange rate with full convertibility, central bank liabilities backed with foreign exchange reserves, and a high cost of exiting the regime, currency boards were common in colonial...

These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system since 1973, when the rates were allowed to float. The essays analyze such issues as exchange rate movements, exchange risk premia, investor...

Recent years have witnessed one of the most exciting and wide-ranging debates in monetary economics as some of the largest and richest European countries decide whether to replace their national moneys with a common currency. This collection by one of the leading experts on the subject touches...

This fourth volume in the series of Nobel laureate James Tobin's classic papers represents his work since 1980. Both national and international views are intermingled among the 36 chapters on macroeconomics and fiscal policy, savings, stabilization policy, international coordination of...