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Alternative Theory of Long-Run Exchange Rate Determination
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Conventional exchange rate models are based on the§fundamental hypothesis that, in the long run, real§exchange rates adjust in such a way as to make§countries equally competitive, eliminating trade§surpluses and deficits. The contention of this book,§based on the theoretical underpinnings of absolute§competitive advantage, is that movements of long-run§exchange rate are determined by real unit costs of§tradable goods. According to this argument, the§empirical finding of persistent trade imbalances is§not the exception, but rather an anticipated outcome.§When competitive absolute advantage replaces the, all§too often embraced, principle of comparative§advantage a framework emerges that stands in§opposition to orthodox models. A theoretically§grounded, empirically robust explanation of real§exchange rate movements is constructed that can be of§practical use to researchers, but also, and equally§importantly, to policymakers.
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