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The Components of the Forward Rate Bias
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adjusted average Bank of England Bilson Bundesbank Cavaglia change in spot covariance currency crisis currency markets Deutsche Mark devaluation deviations Dollar/Mark Dollar/Pound Dollar/Yen economic fundamentals Efficiency Empirical equation ERM floor estimates exchange rate expectations expectations data expected spot rates failure of rational forecastable bias foreign currency Foreign Exchange Markets forward bias Forward Exchange Rates forward premium forward rate bias future spot rates Hodrick and Srivastava interest rates International Economics International Money investors Journal of Finance Journal of International Journal of Monetary Kalman Filter Maastricht Treaty macroeconomic Mark/Dollar market participants Monetary Economics Money and Finance months null hypothesis Number of observations orthogonality paper percent portfolio pound sterling predictor premia rational expectations real exchange rates realignments regression risk averse risk premium S. E. of Mean Sample period Section speculative Srivastava 1984 statistical studies survey data three currencies trading rules trading strategies U.S. dollar unbiasedness Var(fps Yen/Dollar