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Long Swings In The Exchange Rate And The Excess Returns Puzzle: The Role Of Imperfect Knowledge
Beginning of paper
Long Swings in the Exchange Rate and the Excess Returns Puzzle: The Role of
William Strauss
The paper is a clear breath of "dirty" air in the sterile world of perfect
foresight. The authors offer a well worked out model of how agents persistently
bid the exchange rate away from the expected long-run equilibrium rate. It
seems intuitively comfort ....
Middle of paper
....s of the domestic and foreign goods in their respective for-
eign currencies are "incorrect" based on the fundamentals of the respective
countries and that agents know this (and know that the exchange rate path is
unstable) but cannot be sure of the de-gree of "incorrectness" or the
persistence of the di vergence. Embedded into this model are as-s.... |
| Word count: 505 |
Page count: 2 |
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