This paper provides a new test for whether different-currency assets are imperfect substitutes. The test exploits that under floating rates, changing public currency demand has no direct effect on monetary fundamentals, current or future. Price effects from imperfect substitutability are clearly...

The response of exchange rates to permanent and transitory shocks under floating exchange rates / Martin D. D. Evans and James R. Lothian -- Trends in excess returns in currency and bond markets / Martin D. D. Evans and Karen K. Lewis -- Do long-term swings in the dollar affect estimates of the...