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On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials

✍ Scribed by Jeffrey A. Frankel

Book ID
125651183
Publisher
American Economic Association
Year
1979
Tongue
English
Weight
352 KB
Volume
69
Category
Article
ISSN
0002-8282

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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.