> Doug, it sounds like you take a kind of Marxian line on exchange
>rates -- that policy is mostly futile, that rates are determined by
>fundamentals.
I find Anwar Shaikh's analysis of long-term exchange rates pretty compelling: they're determined by relative productivity differences. . . .
>>
Why would this market be grounded in fundamentals, especially something as relatively esoteric as productivity differences, while others are prey to animal spirits?
mbs