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|c 5.00 USD
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|z 9781451978803
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a MacDonald, Ronald.
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|a The Monetary Approach to the Exchange Rate :
|b Rational Expectations, Long-Run Equilibrium and Forecasting /
|c Ronald MacDonald, Mark Taylor.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1992.
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| 300 |
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We re-examine the monetary approach to the exchange rate from a number of perspectives, using monthly data on the deutschemark-dollar exchange rate. Using the Campbell-Shiller technique for testing present value models, we reject the restrictions imposed upon the data by the forward-looking rational expectations monetary model. We demonstrate, however, that the monetary model is validated as a long-run equilibrium condition. Moreover, imposing the long-run monetary model restrictions in a dynamic error correction framework leads to exchange rate forecasts which are superior to those generated by a random walk forecasting model.
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|a Mode of access: Internet
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|a Taylor, Mark.
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|a IMF Working Papers; Working Paper ;
|v No. 1992/034
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1992/034/001.1992.issue-034-en.xml
|z IMF e-Library
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