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Exchange Rates, Interest Parity, and the Carry Trade  

Craig Burnside

Online publication date:
Aug 2019
The uncovered interest parity (UIP) condition states that the interest rate differential between two currencies is the expected rate of change of their exchange rate. Empirically, however, ... More

International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

Microstructure of Foreign Exchange Markets  

Martin D. D. Evans and Dagfinn Rime

Online publication date:
Jul 2019
An overview of research on the microstructure of foreign exchange (FX) markets is presented. We begin by summarizing the institutional features of FX trading and describe how they have ... More

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