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This paper provides a selective overview of nonlinear exchange rate models recently proposed in the literature and assesses their contribution to understanding exchange rate behavior. Two key questions are examined. The first question is whether nonlinear autoregressive models of real exchange rates help resolve the "purchasing power parity (PPP) puzzles." The second question is whether recently developed nonlinear, regime-switching vector equilibrium correction models of the nominal exchange rate can beat a random walk model, the standard benchmark in the exchange rate literature, in terms of out-of-sample forecasting performance. Finally, issues related to the adequateness of standard methods of evaluation of (linear and nonlinear) exchange rate models are discussed with reference to different forecast accuracy criteria.

Foreign Exchange --- Currency --- Foreign exchange --- Real exchange rates --- Exchange rates --- Exchange rate modelling --- Purchasing power parity --- Exchange rate forecasting --- United States

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AA / International- internationaal --- 333.450 --- NBB multivolumes --- Foreign exchange rates --- Foreign exchange market --- 332.456 --- Exchange market --- Foreign exchange markets --- FX market --- Markets --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Rates --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit

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In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.

Foreign exchange rates. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Foreign exchange rates --- 333.450 --- AA / International- internationaal --- 339.74 --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- Monetaire buitenlandse politiek. Deviezenpolitiek --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- E-books --- Philosophy. --- Business, Economy and Management --- Economics --- Acqui 2006

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