Econometric Analysis of Present Value Models When the Discount Factor Is near One
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This paper develops asymptotic econometric theory to help understand data generated by a present value model with a discount factor near one. A leading application is to exchange rate models. A key assumption of the asymptotic theory is that the discount factor approaches 1 as the sample size grows.
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美国国家经济研究局创建时间：
2012-07-01
