The monetary approach to the exchange rate and the 1920s' experience with floating exchange rates

MacDonald, R. (1984) The monetary approach to the exchange rate and the 1920s' experience with floating exchange rates. Journal of Economic Studies, 11(3), pp. 14-25. (doi:10.1108/eb002580)

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Abstract

In this article the monetary approach to the exchange rate is tested for the franc‐pound, dollar‐pound and franc‐dollar exchange rates over the period February 1921 to August 1925. It is shown that the estimation technique utilised is very important. Some out of sample forecasts from a variety of exchange rate models are also presented; a simple purchasing power parity model out‐performs the alternatives.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:MacDonald, Professor Ronald
Authors: MacDonald, R.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Journal of Economic Studies
Publisher:Emerald Group Publishing Limited
ISSN:0144-3585
ISSN (Online):1758-7387

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