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Essay Archive - Long Swings in the Exchange Rate and the Excess Returns Puzzle: The Role of Imperfect Knowledge Long Swings in the Exchange Rate and the Excess Returns Puzzle: The Role of Imperfect Knowledge

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 o....

Words In Essay: 518
Approximate Pages: 2

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