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Does the nominal exchange rate regime affect the real interest parity condition?

✍ Scribed by Christian Dreger

Book ID
116761413
Publisher
Elsevier Science
Year
2010
Tongue
English
Weight
718 KB
Volume
21
Category
Article
ISSN
1062-9408

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## Abstract According to one strand of the international finance literature, market efficiency implies that the real exchange rate follows a martingale process, in direct conflict with the long‐run absolute purchasing power parity hypothesis, which requires a stationary real exchange rate process.