| 中文摘要 |
The actual exchange rate in those countries that adopted the floating exchange rate system in the 1970s showed large fluctuations. This phenomenon has led to voluminous theoretical studies in the exchange rate dynamics. The most popular one is the exchange rate overshooting hypothesis, which asserts that a monetary expansion would cause the exchange rate in the immediate short-run to overshoot its long-run equilibrium level. The paper attempts to make a brief review of the Dornbusch, Neihans, Calvo and Rodriguez models and two extended models by Frankel and Rodriguez as well as Bhandari. |
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