Anna's analysis focuses on the question of why foreign exchange market intervention has fallen into disfavor in policy circles in most major countries. Only the Bank of Japan continues to intervene, Anna claims. Other central banks, including the Fed, abandoned the practice during the course of...

Examination of over a century's worth of annual data for Japan, the United States, the United Kingdom and France reveals a marked tendency for real exchange rates to return to their (measured) equilibrium values. The hypothesis that exchange-rate-adjusted price levels in these countries are not...

An exchange rate is the relative price of two monies. Exactly what is being exchanged has, of course, varied with the assets that were used as money at any point in time. In ancient times and into the early part of the twentieth century, money generally consisted of a full-bodied metallic...

The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy...