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- URN zum Zitieren dieses Dokuments:
- urn:nbn:de:bvb:355-epub-188543
- DOI zum Zitieren dieses Dokuments:
- 10.5283/epub.18854
Alternative Links zum Volltext:Repec
Zusammenfassung
The present work deals with a frequently detected failure of the uncovered interest rate parity (UIP) - the absence of bivariate cointegration between domestic and foreign interest rates. We explain non-stationarity of the interest differential via central bank reactions to exchange rate variations. Thereby, the exchange rate in levels introduces an additional stochastic trend into the system. ...
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