![]() The advent of flexible (or managed) exchange rates in the early 1970s, coupled with greater capital mobility, increased the volatility of exchange rates and stimulated renewed interest in their economics, leading to new developments in the theory and empirical testing of exchange rate models. With the Keynesian revolution and the rapid expansion of international capital transactions related to international trade, however, the behavioral links between the balance of payments and the exchange rate were reexamined and embedded in models that took into account the interplay of external and internal pressures on exchange rates. The recognition that exchange rates adjust to international payments established a relationship between the exchange rate and the balance of payments. The relationship between the interest rate and the exchange rate-known as the interest rate parity hypothesis-was bolstered as forward exchange markets developed. Policymakers were also aware that the behavior of exchange rates could be influenced by adjustments in interest rates: when interest rates rise, the exchange rate-the price of foreign currency in terms of domestic currency-falls, indicating an appreciation, or strengthening, of the domestic currency. Although the perception that exchange rates are related to national price levels had existed for a long time, it was with Cassel’s introduction of the term purchasing power parity (PPP) in 1918 that exchange rates became closely associated with the comparative purchasing powers of national currencies. Although Meese had been critical of Trump prior to his nomination in July 2016, Meese eventually endorsed Trump and was tasked with overseeing management and budget issues for the transition team.Traditional models of exchange rate determination have focused on three types of explanatory variables: national price levels, interest rates, and the balance of payments. The transition team was a group of around 100 aides, policy experts, government affairs officials, and former government officials who were tasked with vetting, interviewing, and recommending individuals for top cabinet and staff roles in Trump's administration. Meese was a member of Donald Trump's presidential transition team. Donald Trump presidential transition team See also: Donald Trump presidential transition team Meese, as of November 2016, was a distinguished visiting fellow at the Hoover Institution at Stanford University. In 2012, Meese received the Bradley Prize, which is awarded by the Lynde and Harry Bradley Foundation for individuals whose "extraordinary talent and dedication.have made contributions of excellence in areas consistent with the Bradley Foundation’s mission." From 2001 until 2013, Meese was the chair of the foundation's Center for Legal and Judicial Studies. In 1988, Meese joined The Heritage Foundation, where he was the Ronald Reagan Distinguished Fellow. The following year, Meese was appointed United States Attorney General he served as attorney general for three years. From 1981 to 1985, Meese served as Regan's counsellor. He taught at the school until 1981, shortly after Reagan was elected to the office of the president. Īfter Reagan's failed presidential campaign in 1976, Meese turned to academia and was a professor of law at the University of San Diego. By 1969, Meese had been appointed executive assistant, then chief of staff, where he remained until 1974. From 1967 to 1968, Meese was Regan's legal affairs secretary. 2 Donald Trump presidential transition teamĪ longtime colleague of Ronald Reagan, Ed Meese served under the former president, while he was the governor of California beginning in 1966.
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