Bissoondeeal, Rakesh K.; Binner, Jane M.; Elger, Thomas - In: Applied financial economics 19 (2009) 13/15, pp. 1117-1129
Numerous studies find that monetary models of exchange rates cannot beat a random walk model. Such a finding, however, is not surprising given that such models are built upon money demand functions and traditional money demand functions appear to have broken down in many developed countries. In...
