This article presents two models of sterling exchange rates, for which the starting-point is Cassel's synthesis of the purchasing power parity and the asset demand theory of exchange rate determination. The first model generates estimates of equilibrium exchange rates in 1970; the second is designed...

The National Institute has launched a series of conferences on important issues of economic policy. The conference papers and accounts of the conference discussions are being published by Heinemann Educational Books. The first two books in the series, entitled Demand Management and...