Understanding the Forward Premium Puzzle: A Microstructure Approach
收藏NBER2007-07-01 更新2025-01-04 收录
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https://www.nber.org/papers/w13278
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High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem
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美国国家经济研究局创建时间：
2007-07-01
