With the breakdown of the Bretton Woods System and the begin of floating between the major currencies, central banks have been formally freed from their obligat

An examination of the economic justification for foreign exchange market intervention, the potential for such intervention to stabilize an economy and the disti

History of monetary system --Balance of payments and exchange rates --The foreign exchange markets --Exchange rate determination and forecasting --Exchange rate

These twelve essays take up economic management under flexible exchange rates in the presence of uncertainty. Nearly all of the contributions adopt a rational e