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|c 5.00 USD
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|z 9781463938437
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Evans, Martin.
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|a Exchange-Rate Dark Matter /
|c Martin Evans.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (63 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 Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in international macroeconomics. Exchange-rate dark matter is invisible, but its existence can be inferred from observations on real exchange rates and interest rates. I first show that dark matter is the dominant driver of short- and medium-term changes in real exchange rates for the G-7 countries; accounting for more than 90 percent of the variance at the five-year horizon. I then develop a model in which risk shocks account for dark matter's role as a driver of exchange-rate dynamics and other macro variables.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2012/066
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/066/001.2012.issue-066-en.xml
|z IMF e-Library
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