Fix or float

Balance of payments

External wealth and the long run budget constraint

Pegs

Exchange rates and the fx market 2

Reserves

Stabilization

The current account, lrbc and consumption smoothing

Purchasing power parity

The euro

Divergence, diversification and demand

Quantity theory of money

Arbitrage, money and purchasing power

Balancing payments, savings and external wealth

Monetary model of exchange rates

Pegging and the trilemma

Further benefits of an open economy

Putting it all together

Managing reserves, the gold standard, and history

Exchange rates and the fx market