exchange rate economics with free floats

exchange rate economics with free floats
“Exchange rate overshooting is caused by there being different speeds of adjustment in different markets and it could be the result of an unanticipated permanent tightening of monetary policy. But overshooting could also take place as a result of other shocks.” Explain and discuss. PLEASE REFER TO THIS BOOK Krugman, Paul and Maurice Obstfeld and Marc J. Melitz (2015/2012). International Economics: Theory & Policy, 9th/10th edition