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Long Swings In The Exchange Rate And The Excess Returns Puzzle: The Role Of Imperfect Knowledge
Part 1 of Paper
....er 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 .... Part 2 of Paper
....and services is the gap
between the gap between, domestic and foreign short-term rates, and the steady
state long-run interest rate gap that sets goods flows to zero. The assumption
is that the prices 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 t.... |
| Number of words: 505 - Approximate pages: 2 |
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