Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One
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https://www.nber.org/papers/w10267
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资源简介：
Nominal exchange rates in low-inflation advanced countries are nearly random walks. Engel and West (2003a) offer an explanation for this in the context of models in which the exchange rate is determined as the discounted sum of current and expected future fundamentals. Engel and West show that if
提供机构：
美国国家经济研究局
创建时间：
2004-02-01
