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Google圖書搜尋
Understanding the Forward Premium Puzzle
Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo
其他書名
A Microstructure Approach
出版
National Bureau of Economic Research
, 2007
URL
http://books.google.com.hk/books?id=_RSTbUZ4cL4C&hl=&source=gbs_api
註釋
High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate.
