Exchange Rates and Fundamentals
收藏NBER2004-08-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w10723
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资源简介：
We show analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We argue that this result helps explain the well known puzzle that fundamental
提供机构：
美国国家经济研究局
创建时间：
2004-08-01
