Herley, Michael D.; Orłowski, Lucjan T.; Ritter, Mark A. - In: Economies : open access journal 12 (2024) 9, pp. 1-10
We examine the relationship between gold prices and the U.S. dollar exchange rate, arguing that their interactions are state-dependent and asymmetric under different market conditions. State dependency hinges on different short-term interest rate zones. To prove this point, we determine three...