Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
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Empirical evidence shows that macroeconomic fundamentals have little explanatory power for nominal exchange rates. On the other hand, the recent microstructure approach to exchange rates' has shown that most exchange rate volatility at short to medium horizons is related to order flows. This
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美国国家经济研究局创建时间：
2003-02-01
