The Economics of Exchange Rates

Expectations and Exchange Rate Dynamics

1976 • 4,751 citations

Empirical exchange rate models of the seventies

1983 • 4,141 citations

Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates

1963 • 2,529 citations

Forward and spot exchange rates

1984 • 2,213 citations

Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis

1980 • 2,192 citations

Exchange Rate Dynamics Redux

1995 • 2,107 citations

Domestic Financial Policies Under Fixed and Under Floating Exchange Rates

1962 • 1,464 citations

Interest rates and currency prices in a two-country world

1982 • 1,337 citations

A Monetary History of the United States, 1867-1960

2008 • 1,205 citations

Target Zones and Exchange Rate Dynamics

1991 • 1,163 citations

The use of technical analysis in the foreign exchange market

1992 • 1,100 citations

Long Swings in the Dollar: Are They in the Data and Do Markets Know It?

1990 • 1,006 citations

A Monetary Approach To The Exchange Rate: Doctrinal Aspects And Empirical Evidence

1977 • 970 citations

Anomalies: Foreign Exchange

1990 • 955 citations

Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries

1996 • 917 citations

Nominal exchange rate regimes and the behavior of real exchange rates: Evidence and implications

1986 • 884 citations

Purchasing Power Parity in the Long Run

1990 • 792 citations

Forward Discount Bias: Is it an Exchange Risk Premium?

1989 • 756 citations

Was It Real? The Exchange Rate‐Interest Differential Relation over the Modern Floating‐Rate Period

1988 • 750 citations

The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets

2014 • 628 citations

Perspectives on PPP and long-run real exchange rates

1994 • 572 citations

Conditional variance and the risk premium in the foreign exchange market

1985 • 512 citations

The significance of technical trading-rule profits in the foreign exchange market: a bootstrap approach

1993 • 474 citations

Deviations from Purchasing Power Parity in the Long Run

1983 • 456 citations

The statistical properties of daily foreign exchange rates: 1974–1983

1988 • 452 citations

Covered Interest Arbitrage: Unexploited Profits?

1975 • 435 citations

Real Exchange Rates under the Gold Standard

1991 • 427 citations

A Theory of Exchange Rate Determination

1980 • 410 citations

FOREIGN EXCHANGE RATE EXPECTATIONS: MICRO SURVEY DATA

2003 • 393 citations

Exchange Rate Economics: A Survey

1992 • 383 citations

The Effectiveness of Central-Bank Intervention: A Survey of the Literature After 1982

1993 • 373 citations

Exchange Rate Theory: Chaotic Models of Foreign Exchange Markets.

1994 • 332 citations

The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article (Theorie de la parite des pouvoirs d'achat des taux de change: une etude) (La teoria de los tipos de cambio basados en la paridad del poder adquisitivo: Articulo de repaso)

1976 • 318 citations

Capital Controls, Political Risk, and Deviations from Interest-Rate Parity

1980 • 316 citations

Bid—ask spreads and volatility in the foreign exchange market

1994 • 314 citations

Long-run purchasing power parity during the recent float

1993 • 314 citations

The Specification and Influence of Asset Markets

1985 • 294 citations

Real exchange rates and real interest differentials

1994 • 287 citations

Exchange Rate Economics

1996 • 286 citations

Differences of Opinion in Financial Markets

1989 • 283 citations

A re-assessment of the relationship between real exchange rates and real interest rates: 1974–1990

1993 • 276 citations

The Foreign Exchange Market: A Random Walk with a Dragging Anchor

1988 • 272 citations

An Interpretation of Recent Research on Exchange Rate Target Zones

1992 • 270 citations

Testing for Bubbles in Exchange Markets: A Case of Sparkling Rates?

1986 • 268 citations

National price levels, purchasing power parity, and cointegration: a test of four high inflation economies

1989 • 254 citations

Fluctuations in the dollar: A model of nominal and real exchange rate determination

1982 • 237 citations

Bid-ask spreads in the interbank foreign exchange markets

1994 • 223 citations

Exchange Rate Economics: What's Wrong with the Conventional Macro Approach?

1996 • 219 citations

Exchange Rate Expectations: A Survey of Survey Studies

1991 • 200 citations

Long-run purchasing power parity in the 1920s

1988 • 196 citations

The Time Variation of Risk and Return in the Foreign Exchange and Stock Markets

1989 • 195 citations

The Microstructure of Foreign Exchange Markets

1996 • 194 citations

A Note on Exchange‐Rate Expectations and Nominal Interest Differentials: A Test of the Fisher Hypothesis

1981 • 186 citations

Covered Interest Parity: A High-Frequency, High-Quality Data Study

1987 • 184 citations

Empirical Models of the Exchange Rate: Separating the Wheat from the Chaff

1984 • 180 citations

MONETARY POLICY AND INTERNATIONAL COMPETITIVENESS: THE PROBLEMS OF ADJUSTMENT

1981 • 170 citations

Transactions Costs and Covered Interest Arbitrage: Theory and Evidence

1988 • 167 citations

Nonlinear, Nonparametric, Nonessential Exchange Rate Estimation

1990 • 159 citations

Exchange Rate Economics: 1986

1987 • 151 citations

An empirical exploration of exchange-rate target-zones

1991 • 148 citations

Exchange Rate Targets and Currency Bands.

1993 • 137 citations

On Exchange Rates

1993 • 126 citations

Some Empirical Evidence on the Effects of Monetary Policy Shocks on Exchange Rates

1993 • 117 citations

Short-term and long-term expectations of the yen/dollar exchange rate: Evidence from survey data

1987 • 110 citations

Exchange-Rate Dynamics: An Empirical Investigation

1981 • 110 citations

The Minimum Covered Interest Differential Needed for International Arbitrage Activity

1969 • 108 citations

Report of the Working Group on Exchange Market Intervention

1983 • 107 citations

The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates

1991 • 105 citations

Liquidity and exchange rates

1992 • 105 citations

Market Microstructure Effects of Government Intervention in the Foreign Exchange Market

1991 • 99 citations

The Flexible Exchange Rate System: Experience and Alternatives

1988 • 99 citations

Speculative Prices as Random Walks: An Analysis of Ten Time Series of Flexible Exchange Rates

1967 • 94 citations

Purchasing Power Parity As An Explanation of Long-Term Changes In Exchange Rates

1970 • 82 citations

Exchange rates and ‘news’: A multi-currency approach

1982 • 79 citations

Foreign Exchange Rate Forecasting Techniques: Implications for Business and Policy

1979 • 72 citations

Testing the portfolio balance model: A multi-lateral approach

1988 • 68 citations

Testing for the absence of expected real profits from forward market speculation

1984 • 67 citations

Purchasing Power Parity and the Canadian Float in the 1950s

1991 • 56 citations

A generalized uncovered interest parity model of exchange rates

1993 • 52 citations

How to beat the random walk

1990 • 52 citations

Exchange-Rate Dynamics

1983 • 46 citations

Target Zone Models and the Intervention Policy The Swedish Case

1991 • 38 citations

Microstructure Theory and the Foreign Exchange Market

1991 • 37 citations

Real and Nominal Exchange Rates in the Long Run

1991 • 35 citations

EXCHANGE RATE SURVEY DATA: A DISAGGREGATED G‐7 PERSPECTIVE

1992 • 31 citations

Why is it so difficult to beat the Random Walk Forecast of Exchange Rates

2001 • 22 citations

Real and nominal exchange rate variability

1989 • 11 citations

6. Dynamic Hedging and the Interest Rate Defense

1996 • 4 citations

A generalized uncovered interest parity model of real exchange rates

1992 • 3 citations

Analyzing the Accuracy of Foreign Exchange Advisory Services: Theory Andevidence

1979 • 3 citations