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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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A Primer on Exchange Rate Behavior

A Primer on Exchange Rate Behavior

(p.17) 2 A Primer on Exchange Rate Behavior
International Finance



Oxford University Press

Exchange rate behavior has been a major concern in international finance since the breakdown of the Bretton Woods system of pegged exchange rates in the early 1970s. This chapter reviews the empirical evidence accumulated in the four decades that have elapsed since that event. It focuses first on behavior over the long run—periods of several years or more in length—and then turns to behavior over much shorter periods. To set the stage for these discussions, the chapter begins with an overview of some of the relevant economic theory and of historical antecedents of current exchange-rate research.

Keywords:   exchange rate behavior, nominal exchange rate, real exchange rate, purchasing power parity, foreign exchange microstructure, exchange-rate puzzles

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