Boyer, M. Martin; Norden, Simon van - Centre Interuniversitaire de Recherche en Analyse des … - 2006
Several recent papers have underlined the importance of the microstructure effects in understanding exchange rate … macroeconomic models and is consistent with the prediction of micro-structure models. We reexamine the evidence for stable long … statistically fragile. We conclude that this implication of microstructure models does not fit the data as well as previous studies …