The theory and empirics of exchange rates

Key Features:Deals with the theory of exchange rate determination as well as the theory of the balance of payments under fixed exchange ratesEmphasizes the microstructure approach to exchange rates as a viable alternative to the macroeconomic approachDeals with various models in an integrated matterSuggests other alternatives to the macroeconomic approach such as the behavioral finance and post-Keynesian approaches to exchange ratesProvides a fair and balanced perspective not driven by ideologyWritten from a positive rather than a normative perspective.