Roman Frydman & Michael D . Goldberg : Imperfect Knowledge Economics
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منابع مشابه
Department of Economics University of Copenhagen 02 - 17 Imperfect Knowledge , Temporal Instability and an Uncertainty Premium : Towards a Resolution of the Excess - Returns Puzzle in the Foreign Exchange Market Roman
This paper offers a refinement and explores a resolution of the excessreturns puzzle in the foreign exchange market. We find that the predictions of the forward premium are not negatively biased throughout the three decades of floating, as commonly believed, but rather are sometimes positively biased, negatively biased, unbiased or possess no predictive content depending on the subperiod examin...
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تاریخ انتشار 2007