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The Monetary Approach to the Exchange Rate
The Permanent Rate of Inflation
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adjustment analysis approach argument arrive assets assumed become calculated carried causality cause central bank changes in monetary Chapter compared component consequence considered contains context continuously cost currency demand for money demand-for-money function desired determined Deutsche deviations discussion domestic economic effects empirical estimated example exchange rate changes exist expansion expected fall foreign forward market further future gains given growth higher hold identical important increase interest rate interpreted investment leads lower mark monetary policy money supply move movements namely observation occur particular percent period permanent rate portfolio possible predicted present price level probably problems rate of inflation real exchange rate reasons relationship relative relevant respect resulting rising risk share short short-term similar situation spot exchange rate structure tion trade true variable variance wealth holder yield zero