The solution to the forward-bias puzzle: Reply |
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Authors: | John Pippenger |
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Institution: | Department of Economics, University of California, Santa Barbara, CA 93106, USA |
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Abstract: | My proposed econometric solution to the forward-bias puzzle provoked several comments. Those comments raise three primary objections to my solution. (1) It suffers from multicollinearity, miss-specification and other serious econometric problems. (2) My key test equation is a tautology or identity. (3) My econometric solution has nothing to do with either the forward-bias puzzle or uncovered interest parity. This is my reply to those objections. |
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Keywords: | JEL classification: E43 E44 F30 F31 G14 G15 |
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