Editorial
Reviews:
‘Sarno and Taylor’s book is a tour de force. The
exposition is comprehensive, covering contributions from all
corners of the field, and covering the range from the seminal
models of the 1970s to the latest discoveries on the theoretical
and econometric frontiers of the 2000s. There is no excess
verbiage or mathematics. Everything is there to serve a purpose.
This is the current state of knowledge.’ Jeffrey A. Frankel,
Harvard University
‘This is a text around which one can build a fine graduate-level
course in international finance. The material in this text
fits the needs of scholars for a state-of-the-art coverage
of the best thinking on exchange rate economics. With topics
like New open-economy macroeconomics and Official intervention
in the foreign exchange market it should be clear that this
book is broad in its scope and delves deeply into the area
going well beyond the determinants of exchange rates. The authors
pay careful attention to pedagogy with patient, in-text explanations
of technical details like Ito’s Lemma and excellent appendices
on related issues, including Jensen’s inequality and
GMM estimators. The patient and detailed explanations of technical
issues related to the core topics make the book self-contained.
The authors have been on the frontiers of research in this
area, and this new text clearly reflects their mastery of the
subject. I highly recommend this text to both students and
scholars of international finance.’ Michael Melvin, Arizona
State University
‘This is a superb volume that should and will be featured
on reading lists for years to come. It will also be valued
by market participants, policymakers, and their staffs. This
is because the book is very well written and brings a focus
and organization to the subject that draws on the decades of
experience and contributions of the authors. I especially value
the synthesis of the empirical and theoretical literatures
on exchange rate determination, market efficiency, the new
open economy macroeconomics as well as the up to date discussion
on the economics and econometrics of exchange rate forecastability.
The Economics of Exchange Rates is the first essential volume
on this subject in a decade’ Richard Clarida, Columbia
University, NBER and CEPR
‘This book is a breath of fresh air. It’s current.
It’s comprehensive. It’s going to be a delight
to teach from. I look forward to its success.’ Richard
Lyons, University of California, Berkeley
‘Sarno and Taylor develop carefully all the exchange-rate
research issues of the last 20 years - from historical background
through modern-methods applications up to empirical results.
The Economics of Exchange Rates will be indispensable on the
bookshelves of academics and international policymakers.’ Robert
P Flood, Editor, IMF Staff Papers
Download Description:
In the last few decades exchange rate economics has seen
a number of developments, with substantial contributions
to both the theory and empirics of exchange rate determination.
Important developments in econometrics and the increasingly
large availability of high-quality data have also been responsible
for stimulating the large amount of empirical work on exchange
rates in this period. Nonetheless, while our understanding
of exchange rates has significantly improved, a number of
challenges and open questions remain in the exchange rate
debate, enhanced by events including the launch of the Euro
and the large number of recent currency crises. This volume
provides a selective coverage of the literature on exchange
rates, focusing on developments from within the last fifteen
years. Clear explanations of theories are offered, alongside
an appraisal of the literature and suggestions for further
research and analysis.
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Economics of Exchange Rates
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