Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set
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We propose an exchange rate model which is a hybrid of the conventional specification with monetary fundamentals and the Evans-Lyons microstructure approach. It argues that the failure of the monetary model is principally due to private preference shocks which render the demand for money unstable.
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美国国家经济研究局创建时间：
2008-07-01
