This book is a survey of exchange-rate economics. Using the latest econometric techniques, it covers the main theories that explain the determination of exchange rates and utilizes recent empirical data on exchange rate behavior.

The "NBER International Seminar on Macroeconomics" brings together leading American and European economists to discuss a broad range of current issues in global macroeconomics. An international companion to the more American-focused "NBER Macroeconomics Annual," the distinguished ISoM has met annually in Europe for over thirty years. Papers in this year s volume fall into three categories: productivity in the international economy; a view of demand stimulus through the lens of the high level of unemployment that most advanced countries experience in the recent global recession; and nominal...