Exchange Rates and Macroeconomic Dynamics [Hardcover]

This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.Introduction PART I: THE PURCHASING POWER PARITY AND ITS IMPLICATIONS ON EQUILIBRIUM EXCHANGE RATES Three Exchange Rate Puzzles: Fact or Fiction?; R.MacDonald The Real Exchange Rate Misalignment of the Five Central European Countries Single Equation Approach; J.Frait, L.Kom?rek & M.Meleck? Real Equilibrium Exchange Rate in China: Is the Renminbi Undervalued?; V.Coudert & C.Couharde PART II: EXCHANGE RATES DYNAMICS AND PASS-THROUGH EFFECTS Exchange Rate Pass-Through Effect and Monetary Policy in Russia; V.V.Dobrynskaya & D.V.Levando Disaggregated Econometric Models to Forecast Inflation in Hungary; V.V?rpalotai PART III: EXCHANGE RATES DYNAMICS AND STRUCTURAL SHOCKS ON ECONOMIES An Open Economy DSGE Model Linking the Euro Area and the US Economy; G.de Walque & R.Wouters Liberalization Shocks and Real Exchange Rate Appreciation in the Transition Economies; C.PapazoglouVIRGINIE COUDERT Economic Advisor, Financial Stability Coordination Department, Banque de France, FranceC?CILE COUHARDE Lecturer, University of Paris 13, FranceVICTORIA DOBRYNSKAYA Assistant Professor, State University - Higher School of Economics, International College of Economics and Finance, Moscow, RussiaJAN FRAIT Professor of Economics, Faculty of Economics, Technical University, Ostrava, Czech Republic; Bank Board Member, Czech National Bank, Czech RepublicLUBO KOM?REK Advisor to the Bank Board Member, Czech National Bank, Czech Republic; Associate Professor, Prague School of Economics, Czech Republic; Vice-President, Czech Economic Society, Czech RepublicRONALD MACDONALD Adam Smith Professor of Political Economy, University of Glasgow, UKMARTIN MELECK? Department lóc