Article | Journal of Economic Perspectives

Anomalies: Foreign Exchange

by K. A. Froot and R. Thaler

Keywords: Currencies; Exchange rates; International macroeconomics; monetary policy; Currency controls; Fixed exchange rates; Floating exchange rates; Currency bands; Currency zones; Currency areas; rational expectations; Asset Pricing;


Froot, K. A., and R. Thaler. "Anomalies: Foreign Exchange." Journal of Economic Perspectives 4, no. 3 (Summer 1990): 179–192. (Reprinted in Current Issues in the International Economy: A Reader, edited by L. Goldberg and M. Klein. New York: Harper Collins, 1992; Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Cheltenham: Edward Elgar, 2001; and in Open Economy Macroeconomics, Volume II, Part I, Article 4 edited by Norman Miller. Cheltenham, U.K. and Northampton, Mass., U.S.: Edward Elgar, March 2006: 74-87.)