Order Flow and Exchange Rate Dynamics
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Macroeconomic models of nominal exchange rates perform poorly. In sample, R2 statistics as high as 10 percent are rare. Out of sample, these models are typically out-forecast by a nave random walk. This paper presents a model of a new kind. Instead of relying exclusively on macroeconomic
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美国国家经济研究局创建时间：
1999-08-01
