01719cas a2200253 a 4500 AALejournalIMF007420 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451852103 1018-5941 BD-DhAAL BD-DhAAL Sun, Yan. Some Evidenceon Exchange Rate Determination in Major Industrial Countries / Yan Sun, R. Johnston. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the role of long-run monetary and cyclical factors in determining exchange rate movements. Results of empirical study using a data set that includes Canada, Germany, Japan, the United Kingdom, and the United States support the view that exchange rate movements can be explained by the efficient or rational adjustment of foreign exchange markets to economic fundamentals. In the long run, the exchange rate is determined consistent with a monetary approach to exchange rates, while cyclical factors have an impact on short-run exchange rate dynamics. Estimated equations outperform random walk models of exchange rates. Mode of access: Internet Johnston, R. IMF Working Papers; Working Paper ; No. 1997/098 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/098/001.1997.issue-098-en.xml IMF e-Library