NBER WORKING PAPER SERIES
EXCHANGE RATE DYNAMICS REDUX Maurice Obstfeld Kenneth Rogoff Working Paper
No. 4693 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050
Massachusetts Avenue Cambridge, MA 02138
April 1994
The authors thank the National Science Foundation and the German Marshall Fund of the United States for support. This paper is a part of the NBER's research program in International Finance and Macroeconomics. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research.

NBER Working Paper #4693
April 1994