This volume grew out of a National Bureau of Economic Research
conference on exchange rates held in Bellagio, Italy, in 1982. In it,
the world's most respected international monetary economists discuss
three significant new views on the economics of exchange rates - Rudiger
Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's
asset market variants, and Pentti Kouri's current account/portfolio
approach. Their papers test these views with evidence from empirical
studies and analyze a number of exchange rate policies in use today,
including those of the European Monetary System.