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As globalization progresses, exchange rates have become increasingly wedded to internal and external economic policies. This edited collection tackles four key questions in this important and growing area: How much emphasis should be placed on the exchange rate when setting policy? *What is the success or otherwise, of different approaches to modeling exchange rates? *What determines capital flows and their impact? *What should policy makers do about monetary policy and capital flows? It is well understood that within open economies the choice of exchange rate, capital mobility and monetary...

Countries that entered the European Monetary Union had to do so at exchange rates that are close to equilibrium levels. So when are exchange rates at equilibrium levels? Real Exchange Rates for the Year 2000 discusses the fundamental equilibrium exchange rate (FEER) method and estimates FEERS for the G7 countries for 1995 and 2000. There have been large swings in all G7 currencies in the last five years, and in these circumstances, the markets and policymakers need better guides to the sustainable levels of these currencies.

The authors estimate equilibrium real exchange rates using a...