This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit predictable patterns. We demonstrate that exchange rates can possess a unit root ...
We develop an extension of the open economy New Keynesian model in which agents are boundedly rational à la Gabaix (2020). Our setup nests rational expectations (RE) as a special case and it can ...
The Philippine peso hit a historical low closing price of P59.44 per dollar on Wednesday, continuing a trend of depreciation since the beginning of the year. Exchange rates are notoriously difficult ...
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