List of Contributors. 1. Introduction: Equilibrium Exchange Rates; R. MacDonald, J.L. Stein. 2. What Do We Really Know about Real Exchange Rates? R. MacDonald. 3. The Evolution of the Real Value of the US Dollar Relative to the G7 Currencies; J.L. Stein. 4. A Macroeconomic Balance Framework for Estimating Equilibrium Exchange Rates; H. Faruqee, et al. 5. Feers: A Sensitivity Analysis; R. Driver, S. Wren-Lewis. 6. Productivity, Government Spending and the Real Exchange Rate: Evidence for OECD Countries; M.D. Chinn. 7. Fundamentals of the Real Dollar-Pound Rate: 1871-1994; N.C. Mark. 8. Nominal Equilibrium Exchange Rate Models: A Panel Perspective; S. Husted, R. MacDonald. 9. What Determines Real Exchange Rates: The Long and Short Of It; R. MacDonald. 10. Exchange Rates and Economic Fundamentals: A Methodological Comparison of Beers and Feers; P.B. Clark, R. MacDonald. 11. Japanese Effective Exchange Rates and Determinants: A Long-Run Perspective; J. Nagayasu. Index.