Forward Rate Bias in Developed and Developing Countries: More Risky Not Less Rational

This paper examines the stability of the Bilson–Fama regression for a panel of 55 developed and developing countries. We find multiple break points for nearly every country in our panel. Subperiod estimates of the slope coefficient show a negative bias during some time periods and a positive bias du...

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Detalles Bibliográficos

Autores principales:	Michael D. Goldberg, Olesia Kozlova, Deniz Ozabaci
Formato:	Artigo
Lenguaje:	Inglês
Publicado:	MDPI AG 2020-12-01
Colección:	Econometrics
Materias:	imperfect knowledge Knightian Uncertainty structural change currency risky
Acceso en línea:	https://www.mdpi.com/2225-1146/8/4/43
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