{"product_id":"24735-aftalion-l-or-et-la","title":"AFTALION (Albert) – GOLD AND MONEY. THEIR VALUE. GOLD MOVEMENTS","description":"\u003cp\u003e \u003cstrong\u003eAFTALION (Albert), Paris, 1938, in-8, paperback, (slightly faded), 124 p.\u003c\/strong\u003e\u003c\/p\u003e \u003cp\u003eLargely unknown for many years, Aftalion has partially emerged from obscurity since the publication of Fl. Huart and Ph. Rollet's book, *Albert Aftalion and Exchange Rate Theories*. The two works we have (see below) are the sources of the two authors' thinking: “Albert Aftalion developed a critical analysis of the theory of purchasing power parity (PPP) and the balance of payments theory. He then questioned the possibility of constructing a theory of the “normal” exchange rate, or long-term equilibrium exchange rate. Our text explains how he came to deny the existence of a normal exchange rate level: the eminently psychological nature of the determinants of the short-term exchange rate leads to the indeterminacy of the long-term exchange rate, which is not only impossible to measure precisely but also unstable. Therefore, there is no automatic return of the exchange rate to a supposedly normal level.”\u003c\/p\u003e","brand":"Mémoire du Droit","offers":[{"title":"Default Title","offer_id":51963095351643,"sku":"24735","price":60.0,"currency_code":"EUR","in_stock":false}],"url":"https:\/\/www.memoiredudroit.fr\/en\/products\/24735-aftalion-l-or-et-la","provider":"La Mémoire du Droit","version":"1.0","type":"link"}