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Uncovered Interest Parity, Forward Guidance, and the Exchange Rate

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NBER2020-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w26797
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Under uncovered interest parity (UIP), the size of the effect on the real exchange rate of an anticipated change in real interest rate differentials is invariant to the horizon at which the change is expected. Empirical evidence using US, euro area and UK data points to a substantial deviation from
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2020-03-01
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