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This Mundell Fleming lecture at the International Monetary Fund’s 2001 annual research conference marks the 25th anniversary of Rudiger Dornbusch’s masterpiece, “Expectations and Exchange Rate Dynamics,” a seminal contribution to both policy and research in the field of international finance. This essay provides a simple overview of the model as well as some empirics, not only on exchange rates but on measures of the paper’s influence. Last, but not least, I offer some personal reflections on how Dornbusch conveyed the ideas in his “overshooting model” to inspire a generation of students.

Foreign Exchange --- Money and Monetary Policy --- Economic Theory --- Macroeconomics --- Demand for Money --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Expectations --- Speculations --- Price Level --- Inflation --- Deflation --- Currency --- Foreign exchange --- Monetary economics --- Economic theory & philosophy --- Exchange rates --- Real exchange rates --- Demand for money --- Monetary base --- Rational expectations --- Money --- Sticky prices --- Prices --- Money supply --- Economic theory --- United States

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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world's most difficult problemsThe world is drowning in cash-and it's making us poorer and less safe. In The Curse of Cash, acclaimed economist Kenneth Rogoff explores the past, present, and future of currency, from ancient China to today's cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world's most difficult problems.Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation-

Currency question. --- Interest rates. --- Monetary policy. --- Money. --- Paper money. --- Account (accountancy). --- Alternative currency. --- Alternative payments. --- Bank account. --- Bank of England. --- Bank of Japan. --- Bank run. --- Bank. --- Banknote. --- Ben Bernanke. --- Bitcoin. --- Black market. --- Cash register. --- Cash. --- Central bank. --- Chief economist. --- Consumer. --- Corruption. --- Counterfeit. --- Credit card. --- Cryptocurrency. --- Currency In Circulation. --- Currency. --- Customer. --- Debit card. --- Debt. --- Deflation. --- Deposit account. --- Developed country. --- Digital currency. --- Discounts and allowances. --- Economist. --- Economy. --- Electronic money. --- Employment. --- Euro banknotes. --- European Central Bank. --- Eurozone. --- Exchange rate. --- Federal Reserve Bank. --- Fiat money. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial inclusion. --- Financial institution. --- Financial services. --- Financial transaction. --- Fiscal policy. --- Government bond. --- Government debt. --- Helicopter money. --- Illegal immigration. --- Income. --- Inflation targeting. --- Inflation. --- Interest rate. --- Internal Revenue Service. --- International Monetary Fund. --- John Maynard Keynes. --- Liquidity trap. --- Long run and short run. --- Macroeconomic model. --- Macroeconomics. --- Market liquidity. --- Medium of exchange. --- Monetary authority. --- Money laundering. --- Money supply. --- Nominal interest rate. --- Payment. --- Phase Out. --- Poverty. --- Precious metal. --- Price level. --- Private sector. --- Public finance. --- Quantitative easing. --- Rates (tax). --- Real interest rate. --- Recession. --- Retail. --- Revenue. --- Securitization. --- Seigniorage. --- Stabilization policy. --- Supply (economics). --- Tax evasion. --- Tax rate. --- Tax revenue. --- Tax. --- Taylor rule. --- Technology. --- Treasury Bill. --- Uncertainty. --- Unemployment. --- Unit of account. --- United States dollar. --- Value (economics). --- Virtual currency.