Implications of Asset Market Data for Equilibrium Models of Exchange Rates
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https://www.nber.org/papers/w31851
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资源简介：
We characterize the cyclicality and predictability of exchange rates without committing to a specific model of preferences, endowment or menu of traded assets. When investors can trade home and foreign currency risk-free bonds without frictions, the exchange rate conditionally appreciates in states
提供机构：
美国国家经济研究局
创建时间：
2023-11-01
