Exchange rates and inflation /

Dornbusch, one of today's leading economists on open economy macroeconomics, collects in this volume 22 of his papers and articles (some are well-known classics) on exchange rates and inflation, spanning more than 25 years of work. The range of materials included reflects the evolution of his interests from primarily theoretical modeling to greater emphasis on policy questions. Dornbusch's introductions to each of the four sections (which cover exchange rate theory, special topics in exchange rate economics, equilibrium real-exchange rates, and inflation and stabilization) provide a useful framework by summarizing the contribution of each paper and suggesting how it fits in the larger body of economic research on exchange rates. The volume is valuable as a convenient source of material originally appearing in widely scattered sources and also as a coherent collection of excellent papers on important topics. Each paper includes extensive references, and the book is well indexed. Of interest primarily to faculty and graduate students in the field. -P. R. Allen, University of Connecticut