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  • Long Swings in the Exchange Rate and the Excess Returns Puzzle

     

    Essays1 Economics

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ID number:277961
Evaluation:
Published: 01.04.1996.
Language: English
Level: Secondary school
Literature: n/a
References: Not used
Extract

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 comfortable to see the mathematical justification for the unexplained excess returns to be a function of the distance from the bench-mark (PPP). The uncertainty of a switch occurring in a regime (the Peso Problem) is an interest-ing form within which to embed the imperfect information. It is a format that seems ready to ex-pand into many ot…

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