See Mark (1995), Mark and Sul (2001), , and Rapach and Wohar (2002) who report econometric evidence on the long-horizon predictability of exchange rate returns from standard macropricing errors. The relation between exchange rates and levels of macrofundamentals is predicted by theory ranging from disequilibrium Keynesian models of Dornbusch (1976), Mussa (1982), and Obstfeld (1985) to the new open-economy macroeconomics of Obstfeld and Rogoff (1995).
Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Version of Record online: 10 AUG 2009
© 2009 The Ohio State University
Journal of Money, Credit and Banking
Volume 41, Issue 6, pages 1047–1070, September 2009
How to Cite
MARK, N. C. (2009), Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics. Journal of Money, Credit and Banking, 41: 1047–1070. doi: 10.1111/j.1538-4616.2009.00246.x
An earlier version of this paper was presented at Mussafest, a conference in honor of Michael Mussa's 60th birthday. I thank Mohan Kumar and Young-Kyu Moh for useful comments. This paper has also benefited from presentations at the University of Auckland, the 5th Missouri Economics Conference, the World Congress of the Econometric Society, the University of Houston, the 39th Konstanz seminar, and Tulane University. Financial support from the National Science Foundation is gratefully acknowledged. The generous and helpful comments from two anonymous referees led to a significant improvement in the paper.
- Issue online: 10 AUG 2009
- Version of Record online: 10 AUG 2009
- Received December 28, 2005; and accepted in revised form March 20, 2009.
Options for accessing this content:
- If you are a society or association member and require assistance with obtaining online access instructions please contact our Journal Customer Services team.
- If your institution does not currently subscribe to this content, please recommend the title to your librarian.
- Login via other institutional login options http://onlinelibrary.wiley.com/login-options.
- You can purchase online access to this Article for a 24-hour period (price varies by title)
- If you already have a Wiley Online Library or Wiley InterScience user account: login above and proceed to purchase the article.
- New Users: Please register, then proceed to purchase the article.
Login via OpenAthens
Search for your institution's name below to login via Shibboleth.
Registered Users please login:
- Access your saved publications, articles and searches
- Manage your email alerts, orders and subscriptions
- Change your contact information, including your password
Please register to:
- Save publications, articles and searches
- Get email alerts
- Get all the benefits mentioned below!