Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/195476 
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Erscheinungsjahr: 
2017
Quellenangabe: 
[Journal:] Econometrics [ISSN:] 2225-1146 [Volume:] 5 [Issue:] 3 [Publisher:] MDPI [Place:] Basel [Year:] 2017 [Pages:] 1-20
Verlag: 
MDPI, Basel
Zusammenfassung: 
A theory-consistent CVAR scenario describes a set of testable regularieties one should expect to see in the data if the basic assumptions of the theoretical model are empirically valid. Using this method, the paper demonstrates that all basic assumptions about the shock structure and steady-state behavior of an an imperfect knowledge based model for exchange rate determination can be formulated as testable hypotheses on common stochastic trends and cointegration. This model obtaines remarkable support for almost every testable hypothesis and is able to adequately account for the long persistent swings in the real exchange rate.
Schlagwörter: 
theory-consistent CVAR
imperfect Knowledge
theory-based expectations
international puzzles
long swings
persistence
JEL: 
F31
F41
G15
G17
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