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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 intuitive .... Middle of paper
.... of goods and services is the foundation for
the equilibrating dynamic. Behind the flow of goods 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 t ....
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Number of words: 505
Number of pages: 2 (approx. 250 words per double-spaced page)
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