Title of article :
Asymmetry in forward exchange rate bias: A puzzling result
Author/Authors :
Hua، نويسنده , , Zhang; Yangru، نويسنده , , Wu ، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 1996
Abstract :
This paper tests an endogenous tariff model for Japan (1890–1970). Using a vector autoregression (VAR), I find that tariff changes are endogenous in the post-war period. Rather than being designed to promote economic activity, this suggests that tariffs respond to macroeconomic disturbances.
Keywords :
Unbiasedness hypothesis , Forward market efficiency
Journal title :
Economics Letters
Journal title :
Economics Letters