Are Intermediary Constraints Priced?
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Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a forward CIP trading strategy that bets on CIP violations shrinking and
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美国国家经济研究局创建时间：
2019-07-01
