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Record Nr. |
UNINA9910788411403321 |
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Autore |
Isard Peter |
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Titolo |
Uncovered Interest Parity / / Peter Isard |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-5687-7 |
1-4527-4409-2 |
1-283-10126-2 |
9786613823311 |
1-4519-0890-3 |
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Descrizione fisica |
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1 online resource (14 pages) |
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Collana |
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Soggetti |
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Banks and Banking |
Foreign Exchange |
Money and Monetary Policy |
Interest Rates: Determination, Term Structure, and Effects |
Monetary Systems |
Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
Currency |
Foreign exchange |
Finance |
Monetary economics |
Interest rate parity |
Spot exchange rates |
Exchange rates |
Currencies |
Forward exchange rates |
Interest rates |
Money |
United Kingdom |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Sommario/riassunto |
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This paper provides an overview of the uncovered interest parity assumption. It traces the history of the interest parity concept, summarizes evidence on the empirical validity of uncovered interest parity, and discusses different interpretations of the evidence and the implications for macroeconomic analysis. The uncovered interest parity assumption has been an important building block in multiperiod models of open economies, and although its validity is strongly challenged by the empirical evidence, at least at short time horizons, its retention in macroeconomic models is supported on pragmatic grounds by the lack of much empirical support for existing models of the exchange risk premium. |
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