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Some New Stylized Facts of Exchange Rate Behavior

Posted: 6 Nov 2004  

James R. Lothian

Gabelli School of Business, Fordham University; National Bureau of Economic Research (NBER)

Abstract

This paper re-examines real exchange rate behavior of OECD currencies under the current float using the more extensive data set that an additional decade's worth of experience has made available. What emerges is a new set of stylized facts, which suggest that the problems of the current float were not, as commonly believed, generic to that system but in fact rather specific, being largely confined to one sub-period - the early and mid-1980s - and one currency - the US dollar. This dollar behavior ranks as one of the important puzzles of the past 25 years.

JEL Classification: F31

Suggested Citation

Lothian, James R., Some New Stylized Facts of Exchange Rate Behavior. Journal of International Money and Finance, February 1998. Available at SSRN: https://ssrn.com/abstract=613949

James R. Lothian (Contact Author)

Gabelli School of Business, Fordham University ( email )

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New York, NY 10023
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National Bureau of Economic Research (NBER)

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