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assignment help b10390

Hello, I am looking for someone to write an article on The failure of empirical exchange rate models: no longer new but still true. It needs to be at least 1250 words. According to Kenneth, new chairman helped the brokers by transition to the flexible exchange rates. At that time no one really understood the importance of that step by the chairman. The exchange rate forecast group of FRB didn’t want to disclose their forecasting method to the world. Kenneth and Meese was given the task to see that whether there is any forecasting model that can give systemic values of exchange rates (forecasted ones). Volatile nature of the exchange rate at that time was seemed to be explained by the “asset approach to the exchange rate” by Mussa, Frenkel, Dornbusch and others. According to this theory, exchange rates were not only dependent on the demand and supply for imports and exports but also dependent on other things like money supply and outputs. According to writer this theory was interesting because at that time it seemed to explain the reason for the volatile nature of the exchange rates. Then it has explained the thoughts of Jacobs about the volatile nature of the monetary policy and its misunderstanding associated with the oil price shock. Frenkel further argued that the present changes in the exchange rates are the indication of the changes coming in the future. This article further elaborates the Dornbusch’s notion about the goods prices to be “sticky”.


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