Exchange Rate Dynamics, Learning and Misperception
收藏NBER2002-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w9391
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We propose a new explanation for the forward-premium and the delayed-overshooting puzzles. Both puzzles arise from a systematic under-reaction of short-term interest rate forecasts to current innovations. Accordingly, the forward premium is always a biased predictor of future depreciation; the bias
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美国国家经济研究局创建时间：
2002-12-01
