Testing for the Absence of Expected Real Profits from Forward Market Speculation
نویسنده
چکیده
This paper tests for the absence of expected red profits from forward market speculation. It contrasts with the literature that has considered opportunities for expected tmrnitd prolit from speculation that is. protits denominated in one of the currencies. These studies assume money illusion on the part of market participants, but this paper does not. Empirical results (ail to tind evidence of unexploited real protit opportunities.
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تاریخ انتشار 1984