Learning, Monetary Policy Rules, and Real Exchange Rate Dynamics. Nelson C. Mark University of Notre Dame. Fundamentals given a bad rap. Flood and Rose
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Learning, Monetary Policy Rules, and Real Exchange Rate Dynamics
Nelson C. Mark
University of Notre Dame
“When it comes to understanding exchange rate volatility, macroeconomics – “fundamentals” – is irrelevant, except in high inflation countries or in the long run. The large differences in exchange rate volatility across countries and time are simply mysterious from an aggregate perspective.”