LEADER 04653nam 2200685 a 450 001 9910969303203321 005 20200520144314.0 010 $a9786611431037 010 $a9781281431035 010 $a1281431036 010 $a9780226507255 010 $a0226507254 024 7 $a10.7208/9780226507255 035 $a(CKB)1000000000399187 035 $a(EBL)408375 035 $a(OCoLC)476228734 035 $a(SSID)ssj0000203465 035 $a(PQKBManifestationID)11954442 035 $a(PQKBTitleCode)TC0000203465 035 $a(PQKBWorkID)10279446 035 $a(PQKB)10038908 035 $a(MiAaPQ)EBC408375 035 $a(DE-B1597)535571 035 $a(OCoLC)781254182 035 $a(DE-B1597)9780226507255 035 $a(Au-PeEL)EBL408375 035 $a(CaPaEBR)ebr10230003 035 $a(CaONFJC)MIL143103 035 $a(Perlego)1840512 035 $a(EXLCZ)991000000000399187 100 $a19871221d1988 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 00$aMisalignment of exchange rates $eeffects on trade and industry /$fedited by Richard C. Marston 205 $a1st ed. 210 $aChicago $cUniversity of Chicago Press$d1988 215 $a1 online resource (332 pages) $cillustrations 225 1 $aNational Bureau of Economic Research project report 300 $a"Proceedings of a conference ... sponsored by the National Bureau of Economic Research and held in Cambridge, Massachusetts, on 7-8 May, 1987"--Pref. 311 0 $a9780226507231 311 0 $a0226507238 320 $aIncludes bibliographies and indexes. 327 $tFront matter --$tContents --$tPreface --$tIntroduction --$t1. Sources of Misalignment in the 1980's --$t2. Sterling Misalignment and British Trade Performance --$t3. Exchange Rate Variability, Misalignment, and the European Monetary System --$t4. Realignment of the Yen-Dollar Exchange Rate: Aspects of the Adjustment Process in Japan --$t5. Roundtable on Exchange Rate Policy --$t6. Monopolistic Competition and Labor Market Adjustment in the Open Economy --$t7. On the Effectiveness of Discrete Devaluation in Balance of Payments Adjustment --$t8. Exchange Rates and U.S. Auto Competitiveness --$t9. U.S. Manufacturing and the Real Exchange Rate --$t10. Long-Run Effects of the Strong Dollar --$t11. New Directions for Research --$tContributors --$tName Index --$tSubject Index 330 $aEconomists writing on flexible exchange rates in the 1960's foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years at a time. Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid-or at least control-misalignment through macroeconomic policy is confronted. 410 0$aNational Bureau of Economic Research project report. 606 $aForeign exchange$vCongresses 615 0$aForeign exchange 676 $a332.4/56 701 $aMarston$b Richard C$088787 712 02$aNational Bureau of Economic Research. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910969303203321 996 $aMisalignment of exchange rates$94363214 997 $aUNINA