Understanding exchange Rates



Session 1: Fundamentals and Volatility

Paul de Grauwe* and Isabel Vansteenkiste, (University of Leuven)
'Exchange Rate Determination. A Non-Linear Perspective' 
Discussants Carsten Detken (ECB) and Marga Peeters (DNB)

Charles Engel* and Michael Devereux , (University of Wisconsin)
'Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect'     
Discussants Fabio Fornari (Banca d'Italia) and Jan Groen (Bank of England)

Session 2: Fundamentals and the Real Exchange Rate

Peter Vlaar, (DNB)
'On the Strenght of the US Dollar: Can it be Explained by Output Growth?'
Discussants Anders Vredin (Sveriges Riksbank) and Christoph Fischer (Deutsche Bundesbank)

Philip Lane* and Gian Maria Milesi-Ferretti, (Trinity College Dublin)
'External Wealth, the Trade Balance and the Real Exchange Rate'     
Discussants Kees Koedijk (Erasmus University Rotterdam) and Maarten van Rooij (DNB)

Session 3: Trade and the Exchange Rate

Ronald MacDonald* and Eric van Wincoop, (University of Strathclyde)
'PPP and the Balassa-Samuelson Effect: the Role of the Distribution Sector' 
Discussants Peter Isard (IMF) and Klaas Knot (DNB)

Philippe Bacchetta* and Eric van Wincoop, (University of Lausanne)
'A Theory of the Currency Demoniation of International Trade'      
Discussants Roel Beetsma (University of Amsterdam) and Ad Stokman (DNB)

Session 4: Understanding Exchange Rates

Harald Hau, (INSEAD)
'How has the Euro Changed the Foreign Exchange Market?' 
Discussants Gabriele Galati (Bank of International Settlements) and Maria Demertzis (DNB)

Kenneth Rogoff and Yu-Chin Chen*, (Harvard University)
'Commodity Currencies and Empirical Exchange Rate Equations'     
Discussants Rebecca Driver (Bank of England) and Robert-Paul Berben (DNB)