The Monetary Approach to the Exchange Rate : Rational Expectations, Long-Run Equilibrium and Forecasting

Rational Expectations, Long-Run Equilibrium and Forecasting

The Monetary Approach to the Exchange Rate : Rational Expectations, Long-Run Equilibrium and Forecasting
We re-examine the monetary approach to the exchange rate from a number of perspectives, using monthly data on the deutschemark-dollar exchange rate. Using the Campbell-Shiller technique for testing present value models, we reject the restrictions imposed upon the data by the forward-looking rational expectations monetary model. We demonstrate,... READ MORE...

Publication date: May 1992
ISBN 9781451978803
$15.00

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