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Flexible Exchange Rates in the 1970s - Review
Jacob Frenkel sets forth the way in which the asset market or monetary approach to exchange rate determination helps to explain flexible exchange rates, particularly the observed volatility in exchange rates and the relation between exchange rates and both domestic and foreign interest rates and price levels.
research.stlouisfed.org/publications/review/1980/04/01/flexible-exchange-rates-in-the-1970s
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