equilibrium outcome of a variant of present-value models when economic fundamentals follow exogenous first-order integrated … discount factor implies the counterfactual joint equilibrium dynamics of random-walk exchange rates and economic fundamentals …

). This theory suggests that market participants may at times attach significantly more weight to individual economic … fundamentals to rationalize the pricing of currencies, which are partly driven by unobservable shocks. Using novel survey data …

an equilibrium outcome of a variant of present-value models when economic fundamentals follow exogenous first … market discount factor implies the counterfactual joint equilibrium dynamics of random-walk ex- change rates and economic … fundamentals within a canonical, two-country, incomplete market model. Bayesian posterior simulation exercises of a two …

. This theory suggests that market participants may at times attach significantly more weight to individual economic … fundamentals to rationalize the pricing of currencies, which are partly driven by unobservable shocks. Using novel survey data …

. This theory suggests that market participants may at times attach significantly more weight to individual economic … fundamentals to rationalize the pricing of currencies, which are partly driven by unobservable shocks. Using novel survey data …