Explaining Foreign Exchange Market Puzzles

Explaining Foreign Exchange Market Puzzles
The paper develops a flow model of the exchange rate with speculative capital flows integrated in a rigorous manner. The model is consistent with five foreign exchange market puzzles: (1) occasional discontinuous jumps in the exchange rate; (2) periodic short-term regimes of persistent appreciation/depreciation that can develop into a long... READ MORE...

Publication date: March 1999
ISBN 9781451844504
$15.00

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